Starke v. Commissioner
United States Tax Court
Held, that amounts received in the years in question representing gain from real estate lots sold in those years and prior years constituted ordinary income as gain from the sale of property held for sale to customers in the ordinary course of trade or business. Sec. 117(a)(1), I.R.C. 1939, and sec. 1221(1), I.R.C. 1954.
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax and additions to tax for substantial underestimation or underpayment of estimated tax for the taxable years 1953, 1954, and 1955 as follows:
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The petitioners concede they are liable for additions to tax under the above sections of the Internal Revenue Codes of 1939 and 1954. The sole issue remaining for decision is whether gain from the sale of real estate lots by petitioners in the years 1953, 1954, and 1955 is taxable as ordinary income as determined by the respondent or as long-term capital gain as contended by…
2Cases cited20 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Snell v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1938
15 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- McManus v. CommissionerUnited States Tax Court · 1975
- American Can Co. v. CommissionerUnited States Tax Court · 1961
- United States v. Louise M. Quivey and Robert G. Simmons, Jr., Co-Executors of the Estate of M. B. Quivey, DeceasedCourt of Appeals for the Eighth Circuit · 1961
- Thompson v. CommissionerUnited States Tax Court · 1962
- William J. Wineberg, and the Estate of Janet R. Wineberg, Deceased, William J. Wineberg v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1964
10 more not listed; retrieve them via the Exa API.