Legal Opinion
Commissioner of Internal Revenue v. Sylvester J. Lowery and Rosemary P. Lowery
Court of Appeals for the Third Circuit
Decided August 18, 1964No. 14699_1PublishedCited by 6 opinions
1Opinion of the Court
KALODNER, Circuit Judge,
The issue presented is whether gains-realized by the taxpayer 1 2in 1951 and 1952 from the sale of his stock in two* corporations, Parkway House, Inc. (“Parkway”) and Raleigh Construction; Company (“Raleigh”) were taxable as ordinary income pursuant to section 117 (m) of the Internal Revenue Code of 1939, 2 relating to collapsible corporations.
The stipulated facts, found by the Tax Court, may be summarized as follows:
Taxpayer’s principal occupation is that of „r, a “Builder . In 1949 he had been as- . , . ... T „ . . sociated with E. J. Frankel (“Frankel”) . , .... „ ,…
2Cases cited7 opinions
- Braunstein v. CommissionerSupreme Court of the United States · 1963
- Temkin v. CommissionerUnited States Tax Court · 1961
- Riley v. CommissionerUnited States Tax Court · 1961
- Jacobson v. CommissionerCourt of Appeals for the Third Circuit · 1960
- Commissioner of Internal Revenue v. Ralph J. Solow and Celia O. SolowCourt of Appeals for the Second Circuit · 1964
2 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Crowe v. CommissionerUnited States Tax Court · 1974
- Glenn C. Bailey, Lillian S. Bailey, and Inez N. Bailey v. United StatesCourt of Appeals for the Ninth Circuit · 1966
- Barbara Coal Co. v. CommissionerUnited States Tax Court · 1987
- Crowe v. CommissionerUnited States Tax Court · 1974
- Felix v. CommissionerUnited States Tax Court · 1981
1 more not listed; retrieve them via the Exa API.