Legal Opinion
Paul v. Commissioner of Internal Revenue
Court of Appeals for the Third Circuit
Decided July 30, 1953No. 10984PublishedCited by 33 opinions
1Opinion of the Court
STALEY, Circuit Judge.
We must decide whether a taxpayer who is in the business of holding rental property for investment purposes and who has a partially completed apartment building in May which is later completed and sold for a gain in November may treat the entire gain or any part thereof as a long-term capital gain under Section 117(j) of the Internal Revenue Code, 26 U.S.C. § 117(j). The Commissioner and the Tax Court have said that he cannot. 1 *For the reasons that follow, we hold that that portion of the gain which is properly allocable to that part of the building which was erected…
2Cases cited13 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Lyeth v. HoeySupreme Court of the United States · 1938
- United States v. PelzerSupreme Court of the United States · 1941
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- McFeely v. CommissionerSupreme Court of the United States · 1935
8 more not listed; retrieve them via the Exa API.
3Cited by33 opinions
- Illinois Power Company v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1986
- United States v. KoshlandCourt of Appeals for the Ninth Circuit · 1954
- Aagaard v. CommissionerUnited States Tax Court · 1971
- Draper v. CommissionerUnited States Tax Court · 1959
- Paul E. Dorman and Wineta E. Dorman v. United StatesCourt of Appeals for the Ninth Circuit · 1961
28 more not listed; retrieve them via the Exa API.