Koch v. Commissioner
United States Tax Court
Petitioners owned real estate in Florida, most of which they had acquired in 1948 and 1949. In 1969 petitioners sold some of this property to a Florida corporation (Sunlife) and granted to Sunlife the option to purchase their remaining property for a period of 5 years provided Sunlife paid petitioners on a quarter annual basis 0.75 percent for the first year and 1 1/2 percent for each succeeding year of the stated purchase price of the property.
Read the full summary
Petitioners owned real estate in Florida, most of which they had acquired in 1948 and 1949. In 1969 petitioners sold some of this property to a Florida corporation (Sunlife) and granted to Sunlife the option to purchase their remaining property for a period of 5 years provided Sunlife paid petitioners on a quarter annual basis 0.75 percent for the first year and 1 1/2 percent for each succeeding year of the stated purchase price of the property. The agreement permitted exercise of the option with respect to part of the property without requiring its exercise as to all property. Thereafter,…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in petitioners’ income tax for the calendar years 1964 through 1971 in the amounts as follows:
TYE Dec.31Deficiency TYE Dec.31— Deficiency
1964. $22,807.60 1968. $20,007.00
1965. 22,887.00 1969. 42,352.44
1966. 27,897.00 1970. 105,857.60
1967. 6,625.00 1971. 344,620.85
Some of the issues raised by the pleadings have been disposed of by agreement of the parties, leaving for our decision only whether amounts paid to petitioners in the years 1970 and 1971, pursuant to agreements previously entered into, were taxable as ordinary income either as being in…
2Cases cited22 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Commissioner v. BrownSupreme Court of the United States · 1965
- Estate of Franklin v. CommissionerUnited States Tax Court · 1975
- Mills v. CommissionerUnited States Tax Court · 1948
- Gilken Corporation v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1949
17 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Ernest J. Saviano and Margaret Saviano v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1985
- Saviano v. CommissionerUnited States Tax Court · 1983
- Elrod v. CommissionerUnited States Tax Court · 1986
- Dunlap v. CommissionerUnited States Tax Court · 1980
- Penn-Dixie Steel Corp. v. CommissionerUnited States Tax Court · 1978
18 more not listed; retrieve them via the Exa API.