Legal Opinion
Houston Endowment, Inc. v. United States
Court of Appeals for the Fifth Circuit
Decided November 7, 1979No. 77-1680PublishedCited by 9 opinions
1Opinion of the Court
WISDOM, Circuit Judge:
This case presents the recurring conundrum whether property sold by a taxpayer was held primarily for investment or for sale to customers in the ordinary course of business. The taxpayer, Houston Endowment, Inc. [Houston Endowment], a successor to Bankers Mortgage Company [Bankers], filed suit against the United States for a refund of $218,023.41 of federal income taxes paid for the years 1968, 1969, and 1970, plus interest. Houston Endowment had paid the additional tax plus interest after the Internal Revenue Service insisted that ordinary income tax rates rather than…
2Cases cited9 opinions
- United States v. Ada Belle Winthrop, Individually and as Under the Will of Guy L. Winthrop, DeceasedCourt of Appeals for the Fifth Circuit · 1969
- Biedenharn Realty Co. v. United StatesCourt of Appeals for the Fifth Circuit · 1976
- Fritz Thompson and Dora M. Thompson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1963
- Brown v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1944
- Harry P. Gamble, Jr., and Gretchen B. Gamble, Husband and Wife v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
4 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Suburban Realty Company v. United StatesCourt of Appeals for the Fifth Circuit · 1980
- Byram v. United StatesCourt of Appeals for the Fifth Circuit · 1983
- Billy H. Sanders v. United StatesCourt of Appeals for the Eleventh Circuit · 1984
- Major Realty Corporation and Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1985
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
4 more not listed; retrieve them via the Exa API.