Oace v. Commissioner
United States Tax Court
Held, the lots sold by petitioners during the years involved were not held by petitioners for sale to customers in the ordinary course of a trade or business and the gain was therefore taxable as capital gain.
1Opinion of the Court
Mtjlkoney, Judge:
The respondent determined deficiencies in the petitioners’ income tax as follows:
Year Amount
1956_$1, 967. 76
1957_ 2, 029.16
1958_ 1,576.82
1959_ 3, 639.38
The only issue in these cases is whether the gains realized from the sales of real estate in the years 1956 through 1959 are taxable as capital gains or as ordinary income.
FINDINGS OF FACT.
Some of the facts were stipulated and they are found accordingly.
Ralph J. and Ann-Mari Oace, husband and wife, are residents of St. Paul, Minn. They filed joint income tax returns for the years 1956 through 1959 with the district director of…
2Cases cited4 opinions
- Thrift v. CommissionerUnited States Tax Court · 1950
- Farley v. CommissionerUnited States Tax Court · 1946
- Hoover v. CommissionerUnited States Tax Court · 1959
- Ayling v. CommissionerUnited States Tax Court · 1959
3Cited by30 opinions
- Pritchett v. CommissionerUnited States Tax Court · 1974
- Mitchell v. CommissionerUnited States Tax Court · 1966
- Maddux Construction Co. v. CommissionerUnited States Tax Court · 1970
- Municipal Bond Corp. v. CommissionerUnited States Tax Court · 1966
- Boyer v. CommissionerUnited States Tax Court · 1972
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