Legal Opinion
Lloyd E. Mitchell, Inc. v. United States
District Court, D. Maryland
Decided October 5, 1966No. Civ. No. 16558PublishedCited by 5 opinions
1Opinion of the Court
THOMSEN, Chief Judge.
In this action for the recovery of income taxes alleged to have been wrongfully assessed, the issue is whether taxpayer’s gains from the sale of real estate in 1958 and 1959 should be treated as capital gains or as ordinary income. Taxpayer contends that the several parcels of real estate sold during those years were “capital assets”, as defined in sec. 1221, I.R.C. of 1954, 26 U.S.C.A. § 1221, which provides:
“For purposes of this subtitle, the term ‘capital asset’ means property held by the taxpayer (whether or not connected with his trade or business), but does not…
2Cases cited15 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Malat v. RiddellSupreme Court of the United States · 1966
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
10 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Mitchell v. CommissionerUnited States Tax Court · 1966
- Barney v. CommissionerUnited States Tax Court · 1967
- McCollum v. State Tax CommissionOregon Tax Court · 1967
- Mitchell v. CommissionerUnited States Tax Court · 1966
- Ralph W. Simmers & Son, Inc. v. CommissionerUnited States Tax Court · 1968