Estate of Ferber v. Commissioner
United States Tax Court
Capital Assets. -- Sec. 117 (a) (1), I. R. C. -- Executor Liquidating Furs of a Retail Store. -- Auction and bulk sales of furs made by executors of retail fur dealer were of capital assets and produced capital gains.
1Opinion of the Court
OPINION.
Murdock, Judge:
The only question for decision in this case is whether the furs sold by the executors after they had disposed of the retail store were capital assets so that the gains from those sales were long-term capital gains, as reported, rather than ordinary business income. The Commissioner sums up his argument as follows:
The executors operated the retail store, selling the furs at retail, until August, 1946, when the principal fixed assets and some of the furs were sold in bulk. The executors sold the remainder of the furs by consignment sales and privately conducted auctions.…
2Cases cited16 opinions
- Grace Bros. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1949
- Watson v. CommissionerSupreme Court of the United States · 1953
- Williams v. McGowanCourt of Appeals for the Second Circuit · 1945
- Wood v. CommissionerUnited States Tax Court · 1951
- Campbell v. CommissionerUnited States Tax Court · 1945
11 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Louis Greenspon v. Commissioner of Internal Revenue, (Three Cases). Anna Greenspon v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1956
- John Factor v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
- Greenspon v. CommissionerUnited States Tax Court · 1954
- Berry Petroleum Co. v. CommissionerUnited States Tax Court · 1995
- Berger v. CommissionerUnited States Tax Court · 1996
17 more not listed; retrieve them via the Exa API.