The Howard Hughes Company, LLC f.k.a. The Howard Hughes Corporation, and Subsidiaries v. Commissioner

142 T.C. No. 20

UNITED STATES TAX COURT THE HOWARD HUGHES COMPANY, LLC, f.k.a. THE HOWARD HUGHES CORPORATION, AND SUBSIDIARIES, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent HOWARD HUGHES PROPERTIES, INC., Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket Nos. 10539-11, 10565-11. Filed June 2, 2014. Ps are in the residential land development business and develop land in and adjacent to Las Vegas, Nevada. Ps sell land to builders and, in some cases, individuals, who construct and sell houses. Ps generally sell land through bulk sales, pad sales, finished lot sales,…