Miller v. Commissioner
United States Board of Tax Appeals
In July, 1922, the petitioner bought an apartment house. At that time he was engaged in practicing law and also in making loans on real estate as a broker. He sold the apartment house in December, 1924, at a profit. Held, the apartment house constituted a capital asset and the profit derived from its sale it taxable as a capital net gain under section 208 of the Revenue Act of 1924.
1Opinion of the Court
*231OPINION.
Marquette:
In July, 1922, the petitioner purchased property known as the Larrowe Apartments. He took possession and operated the building as an apartment and business property until December 14, 1924, when he sold it at a net'profit of $75,000, upon deferred payments. The sole question now before us is whether the gain thus realized is taxable as profit, or as a capital net gain.
*232Section 208 (a) and (b) of the Revenue Acts of 1924 and 1926, as far as applicable here, provides:
[Seo. 208. (a)] (1) The term “capital gain” means taxable gain from the sale or exchange of capital assets…
2Cited by4 opinions
- Carroll v. CommissionerUnited States Board of Tax Appeals · 1930
- Nolla v. Secretario de HaciendaSupreme Court of Puerto Rico · 1954
- Miller v. CommissionerUnited States Board of Tax Appeals · 1930
- Nolla v. Secretary of the TreasurySupreme Court of Puerto Rico · 1954