Pope v. Commissioner
United States Board of Tax Appeals
Right to have their gains from the sale of real estate treated as capital gains denied for the reason that the taxpayers held the lands primarily for sale in the course of their business.
1Opinion of the Court
*1258OPINION.
Marquette :
The petitioners seek to have so much of their income as was derived from the sale of the lands belonging to the syndicate taxed under the provisions of section 208 of the Revenue Act of 1926 and section 101 of the Revenue Act of 1928. The only issue is whether these lands constituted “ capital assets ” within the meaning of these sections. By section 208 (a) (8) of the Revenue Act of 1926, it is provided:
The term “ capital assets ” means property held by the taxpayer for more than two years (whether or not connected with his trade or business), but does not include stock in…
2Cases cited5 opinions
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- Mente v. EisnerCourt of Appeals for the Second Circuit · 1920
- Atlantic Coast Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Keeney v. CommissionerUnited States Board of Tax Appeals · 1929
3Cited by2 opinions
- Richards v. CommissionerUnited States Board of Tax Appeals · 1934
- Pope v. CommissionerUnited States Board of Tax Appeals · 1933