Gerber v. Commissioner
United States Tax Court
Assuming that the issue is properly before the Court, petitioners' contention that at least 30 per cent of the gain recognized upon sales of their stock in "collapsible" corporations was attributable to increases in the value of land, wholly apart from apartment houses constructed thereon, is rejected.
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Assuming that the issue is properly before the Court, petitioners' contention that at least 30 per cent of the gain recognized upon sales of their stock in "collapsible" corporations was attributable to increases in the value of land, wholly apart from apartment houses constructed thereon, is rejected. Sec. 117(m)(3)(B), I.R.C. 1939; held, accordingly, that the gains recognized by petitioners were properly to be considered as gains attributable to property which is not a capital asset.
1Opinion of the Court
OPINION.
Raum, Judge:
Petitioners, husband and wife, filed a joint income tax return for the calendar year 1950 with the collector of internal revenue for the district of New Jersey. The Commissioner determined a deficiency in the amount of $39,051.42, based upon four adjustments, three of which are not contested. The fourth treated a gain of $68,906.38 that was realized upon the sale of stock in three corporations as ordinary income under section 117 (m) of the Internal Revenue Code of 1939 rather than as long-term capital gain, as reported in the income tax return.
After the pleadings had been…
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