Berryman v. Commissioner
United States Tax Court
Held, that a 1-percent undivided interest in certain land which petitioner owned as a tenant in common, was not at any time held by her primarily for sale to customers in the ordinary course of a trade or business within the meaning of section 1221 of the 1954 Code. Held, further, that the gain which she derived from an installment sale of most of such interest was long-term capital gain from the sale of a capital asset.
1Opinion of the Court
PieRCe, Judge:
The respondent determined deficiencies in income tax against the petitioner for years and in amounts as follows:
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The sole issue presented for decision is whether gain realized by petitioner in the taxable years, from her installment sale in 1954 of a 1-percent undivided interest in certain lands, qualifies in the circumstances of this case as capital gain from the sale of a capital asset; or whether such gain represents ordinary income from the sale of property held by petitioner primarily for sale to customers in the ordinary course of a trade or business, within…
2Cases cited2 opinions
- Stockton Harbor Industrial Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1954
- Rosebrook v. United StatesDistrict Court, N.D. California · 1960
3Cited by8 opinions
- Grove v. Commissioners of Internal RevenueUnited States Tax Court · 1970
- Freeland v. CommissionerUnited States Tax Court · 1966
- Bachler v. United StatesDistrict Court, D. Minnesota · 1964
- Bauman v. CommissionerUnited States Tax Court · 1964
- Berryman v. CommissionerUnited States Tax Court · 1961
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