Cohn v. Commissioner
United States Tax Court
Security Construction Company, a partnership organized in May 1942, built houses for sale before wartime controls of private housing went into effect in February 1943. It received priorities to build multiple unit houses which it intended to sell under N. H. A. regulations, and, later, to build single unit houses which it intended to sell upon completion.
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Security Construction Company, a partnership organized in May 1942, built houses for sale before wartime controls of private housing went into effect in February 1943. It received priorities to build multiple unit houses which it intended to sell under N. H. A. regulations, and, later, to build single unit houses which it intended to sell upon completion. All of the defense housing, 178 houses, was completed in 1944, and 109 single unit houses were sold in 1944. Sixty-nine multiple unit houses were rented in 1944, and all were sold in 1945. Upon the evidence, held, that the partnership was…
1Opinion of the Court
OPINION.
HaRkon, Judge:
The narrow question in these proceedings is whether the 69 multiple unit houses sold in 1945 by Security Construction Company, the partnership, were houses that were held primarily for sale to customers in the ordinary course of the partnership’s business, as the Commissioner has determined. If the houses were not so held and were held as “investment” property for more than 6 months before sale, the gain from the sales can be treated as long-term capital gain. Nelson A. Farry, 13 T. C. 8, 13. The applicable statutory provisions are contained in sections 117 (a) (1) and…
2Cases cited8 opinions
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Commissioner of Internal Revenue v. BoeingCourt of Appeals for the Ninth Circuit · 1939
- King v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- Victory Housing No. 2, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1953
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3Cited by2 opinions
- Cohn v. CommissionerUnited States Tax Court · 1953
- Harry Slatkin Builders, Inc. v. CommissionerUnited States Tax Court · 1955