Legal Opinion
Howard W. Gault and Georgiana R. Gault v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided May 25, 1964No. 351, Docket 28539PublishedCited by 10 opinions
1Opinion of the Court
J. JOSEPH SMITH, Circuit Judge.
This case presents the frequently recurring issue of whether gains realized from the piecemeal sale of subdivided real estate should be taxed as capital gains or ordinary income. The Commissioner denied capital gains treatment to income derived from petitioner’s 1 sales of lots and assessed deficiencies of $9,836.51 and $19,447.15 in petitioner’s respective 1957 and 1958 income tax returns. The Tax Court sustained the Commissioner, holding that the taxpayer’s cumulative activities with respect to his real estate were sufficient to place him in the trade or…
2Cases cited5 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Walter H. Kaltreider and Irene C. Kaltreider v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Friend v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1952
- Phipps v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1931
- John W. Kelley and Bette C. Kelley v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
3Cited by10 opinions
- Biedenharn Realty Co. v. United StatesCourt of Appeals for the Fifth Circuit · 1976
- Buono v. CommissionerUnited States Tax Court · 1980
- In Re Furniture Distributors, Inc.United States Bankruptcy Court, D. Massachusetts · 1984
- Estate of Samuel Segel, Deceased, Margaret D. Segel, and Margaret D. Segel v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1966
- Johnson v. United StatesDistrict Court, N.D. New York · 1967
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