Swaim v. Commissioner
United States Tax Court
A partnership of which petitioner was a member owned a compress and warehouse in West Memphis, Arkansas, and in 1946 listed the property with several real estate agents for sale, none of them exclusive. In 1947, the property was sold to a buyer for $ 175,000. The sale between the partnership and the buyer was effected without the help of any real estate broker.
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A partnership of which petitioner was a member owned a compress and warehouse in West Memphis, Arkansas, and in 1946 listed the property with several real estate agents for sale, none of them exclusive. In 1947, the property was sold to a buyer for $ 175,000. The sale between the partnership and the buyer was effected without the help of any real estate broker. The partnership returned the profits from the sale in 1947, as a capital gain without the deduction of any real estate commission because none was paid. In 1947, a real estate firm brought suit against petitioner and his partner for $…
1Opinion of the Court
Samuel G. Swaim, Petitioner, v. Commissioner of Internal Revenue, Respondent
Swaim v. Commissioner
Docket No. 31163
United States Tax Court
20 T.C. 1022; 1953 U.S. Tax Ct. LEXIS 66;
September 17, 1953, Promulgated
Decision will be entered under Rule 50.
A partnership of which petitioner was a member owned a compress and warehouse in West Memphis, Arkansas, and in 1946 listed the property with several real estate agents for sale, none of them exclusive. In 1947, the property was sold to a buyer for $ 175,000. The sale between the partnership and the buyer was effected without the help of any real…
2Cases cited2 opinions
- Braznell v. CommissionerUnited States Tax Court · 1951
- Swaim v. CommissionerUnited States Tax Court · 1953