Zongker v. Commissioner
United States Tax Court
1. A corporation engaged in real estate development held not a collapsible corporation (sec. 117(m)(1)(2)(A), I.R.C. 1939) where at the time of the sale of its stock by petitioners 200 of its 474 residential lots had been sold and a substantial part of its total expected net income had been realized. Petitioners' gain on the sale of their one-half interest in the corporation's stock which they had held for more than 6 months was taxable as long-term capital gain.
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1. A corporation engaged in real estate development held not a collapsible corporation (sec. 117(m)(1)(2)(A), I.R.C. 1939) where at the time of the sale of its stock by petitioners 200 of its 474 residential lots had been sold and a substantial part of its total expected net income had been realized. Petitioners' gain on the sale of their one-half interest in the corporation's stock which they had held for more than 6 months was taxable as long-term capital gain. Rose Sidney, 30 T.C. 1155, affd. 273 F. 2d 928, followed. 2. Value of interest in real estate which petitioners acquired as part…
1Opinion of the Court
E. J. Zongker and Charleen Zongker, Petitioners, v. Commissioner of Internal Revenue, Respondent
Zongker v. Commissioner
Docket No. 82847
United States Tax Court
39 T.C. 1046; 1963 U.S. Tax Ct. LEXIS 169;
March 26, 1963, Filed
Decision will be entered under Rule 50.
1. A corporation engaged in real estate development held not a collapsible corporation (sec. 117(m)(1)(2)(A), I.R.C. 1939) where at the time of the sale of its stock by petitioners 200 of its 474 residential lots had been sold and a substantial part of its total expected net income had been realized. Petitioners' gain on the sale of…
2Cases cited11 opinions
- Commissioner v. AckerSupreme Court of the United States · 1959
- R. A. Bryan and Ruby M. Bryan, C. B. McNairy and Rowena A. McNairy W. H. Weaver and Edith H. Weaver v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- Sidney v. CommissionerUnited States Tax Court · 1958
- Temkin v. CommissionerUnited States Tax Court · 1961
- Commissioner of Internal Revenue v. James B. Kelley and Lena S. Kelley, and John Waltman and Doris WaltmanCourt of Appeals for the Fifth Circuit · 1961
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