Carpenter v. Commissioner
United States Tax Court
Petitioners, partners in a logging business, entered into an agreement on January 21, 1953, with persons who held option to purchase timber from a company which claimed to be owner thereof even though the title was involved in litigation. Agreement provided that if consent of the claimed owner could be obtained logging would be commenced without the partnership being required to exercise the option. Such consent was obtained on January 30, 1953, and logging began.
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Petitioners, partners in a logging business, entered into an agreement on January 21, 1953, with persons who held option to purchase timber from a company which claimed to be owner thereof even though the title was involved in litigation. Agreement provided that if consent of the claimed owner could be obtained logging would be commenced without the partnership being required to exercise the option. Such consent was obtained on January 30, 1953, and logging began. The other claimant to title to the timber obtained a temporary injunction against logging by the partnership and the partnership…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in income tax against petitioners James A. Carpenter and Cloris A. Carpenter in the amounts of $9,297.02, $17,001.46, and $12,935.42 for the years 1954, 1955, and 1956, respectively, and against petitioners Richard E. Nealy and Verda Nealy in the amounts of $22,601.16, $39,827.06, and $27,628.26 for the years 1954, 1955, and 1956, respectively.
The sole issue for decision is whether a partnership composed of James A. Carpenter and Richard E. Nealy had a contract right to cut certain timber which it had held for a period of more than 6 months…
2Cases cited12 opinions
- George L. Jantzer Et At. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
- Springfield Plywood Corp. v. CommissionerUnited States Tax Court · 1950
- Ah Pah Redwood Company, a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1957
- Ah Pah Redwood Co. v. CommissionerUnited States Tax Court · 1956
- Joe S. Ray v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1960
7 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Carpenter v. CommissionerUnited States Tax Court · 1961