Molbreak v. Commissioner
United States Tax Court
Petitioners and another individual, Leonard Schmock (in docket No. 8233-71), formed Westshore, Inc., a real estate corporation which executed a 99-year lease agreement in August 1960 for 6 acres of land, including an option at any time during the continuance of said lease to purchase the fee for $ 200,000. Petitioners were directors and the controlling stockholders of the corporation.
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Petitioners and another individual, Leonard Schmock (in docket No. 8233-71), formed Westshore, Inc., a real estate corporation which executed a 99-year lease agreement in August 1960 for 6 acres of land, including an option at any time during the continuance of said lease to purchase the fee for $ 200,000. Petitioners were directors and the controlling stockholders of the corporation. On Apr. 6, 1967, one of the petitioners requested the State of Wisconsin Dane County Probate Court to permit Westshore, Inc., to exercise the option with respect to 1.3 acres of the 6 acres covered by the…
1Opinion of the Court
Steerett, Judge:
Respondent determined deficiencies in the income taxes of the petitioners as follows:
Docket No. Year Deficiency Petitioner
8226-71 1967 $3,400.84 Vernon Molbreak and Jean D. Molbreak-.-
8248-71 (1967 (1968 3,568.49 907.66 Harvey E. Schmidt and Adeline Schmidt-
The sole issue presented for our consideration is whether the petitioners held the parcel of real estate which they sold on May 19,1967, for more than 6 months within the meaning of section 1223 of the Internal Revenue Code of 19512 so that they are entitled to treat the profit on the sale of a portion of the real estate as…
2Cases cited25 opinions
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- Merrill v. CommissionerUnited States Tax Court · 1963
- June Pinson Carlton and Charles T. Carlton, as Administrators of the Estate of Thad H. Carlton, and June Carlton v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- Century Electric Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1951
- Reily v. CommissionerUnited States Tax Court · 1969
20 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Considine v. CommissionerUnited States Tax Court · 1980
- Vernon Molbreak v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1975
- Patel v. Comm'rUnited States Tax Court · 2012
- Leslie Co. v. CommissionerUnited States Tax Court · 1975
14 more not listed; retrieve them via the Exa API.