Carroll v. Commissioner
United States Board of Tax Appeals
CAPITAL GAIN. - Land essentially different in character from the improved building sites customarily acquired and used by petitioner in his business of an operative builder is shown by the evidence to have been purchased by him in a transaction unrelated to the business and to have been held as an investment until sold more than two years thereafter.
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CAPITAL GAIN. - Land essentially different in character from the improved building sites customarily acquired and used by petitioner in his business of an operative builder is shown by the evidence to have been purchased by him in a transaction unrelated to the business and to have been held as an investment until sold more than two years thereafter. Held that gains realized in 1923, 1924, and 1925 from such sales are subject to the optional tax rate provided for capital gains by the Revenue Acts of 1921, 1924, and 1926.
1Opinion of the Court
BEN L. CARROLL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Carroll v. Commissioner
Docket No. 37660.
United States Board of Tax Appeals
21 B.T.A. 724; 1930 BTA LEXIS 1802;
December 16, 1930, Promulgated
CAPITAL GAIN. - Land essentially different in character from the improved building sites customarily acquired and used by petitioner in his business of an operative builder is shown by the evidence to have been purchased by him in a transaction unrelated to the business and to have been held as an investment until sold more than two years thereafter. Held that gains realized in…
2Cases cited1 opinion
- Carroll v. CommissionerUnited States Board of Tax Appeals · 1930