Miller v. Commissioner
United States Tax Court
Petitioner acquired from the owners an option to purchase certain lands. The total purchase price under the option was $85,800. Subsequently, petitioner caused the land to be conveyed to a third party for a total consideration of $382,050. The third party paid petitioner the purchase price and received a deed directly from the owners. Petitioner paid the owners the purchase price under the option.
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Petitioner acquired from the owners an option to purchase certain lands. The total purchase price under the option was $85,800. Subsequently, petitioner caused the land to be conveyed to a third party for a total consideration of $382,050. The third party paid petitioner the purchase price and received a deed directly from the owners. Petitioner paid the owners the purchase price under the option. Held: In substance and in fact, petitioner sold the land itself to the third party and not the option and the gain resulting is taxable as a short-term capital gain. Held further: Petitioner may…
1Opinion of the Court
Herman J. Miller v. Commissioner.
Miller v. Commissioner
Docket No. 63322.
United States Tax Court
T.C. Memo 1960-92; 1960 Tax Ct. Memo LEXIS 199; 19 T.C.M. (CCH) 475; T.C.M. (RIA) 60092;
May 9, 1960
Petitioner acquired from the owners an option to purchase certain lands. The total purchase price under the option was $85,800. Subsequently, petitioner caused the land to be conveyed to a third party for a total consideration of $382,050. The third party paid petitioner the purchase price and received a deed directly from the owners. Petitioner paid the owners the purchase price under the option.
Held:…
2Cases cited10 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Commissioner v. AckerSupreme Court of the United States · 1959
- Max H. Barber v. United States of America, William L. Taylor v. United StatesCourt of Appeals for the Eighth Circuit · 1954
- Blick v. CommissionerUnited States Tax Court · 1958
- Louis D. Blick and Anne Blick v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
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