Lakin v. Commissioner
United States Tax Court
During a number of years petitioners purchased, as tenants in common, a number of lots in existing developments and 2 tracts of land which they subsequently subdivided. Petitioners were the principal shareholders and officers of the Hagerstown Lumber Company, a building material supply company, and of Model Homes, Incorporated, a speculative building company which was used as an outlet for the lumber company's products.
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During a number of years petitioners purchased, as tenants in common, a number of lots in existing developments and 2 tracts of land which they subsequently subdivided. Petitioners were the principal shareholders and officers of the Hagerstown Lumber Company, a building material supply company, and of Model Homes, Incorporated, a speculative building company which was used as an outlet for the lumber company's products. Model Homes purchased the majority of its lots from the petitioners. During the years in question petitioners sold about 55 lots, including 21 lots of Model Homes. Sales to…
1Opinion of the Court
E. Aldine Lakin, Petitioner, v. Commissioner of Internal Revenue, Respondent. J. Lee Mullendore and Cecil M. Mullendore, Petitioners, v. Commissioner of Internal Revenue, Respondent
Lakin v. Commissioner
Docket Nos. 56967, 56997
United States Tax Court
28 T.C. 462; 1957 U.S. Tax Ct. LEXIS 179;
May 27, 1957, Filed
Decisions will be entered for the respondent for the amounts of the deficiencies in income tax. 4
During a number of years petitioners purchased, as tenants in common, a number of lots in existing developments and 2 tracts of land which they subsequently subdivided. Petitioners were the…
2Cases cited1 opinion
- Lakin v. CommissionerUnited States Tax Court · 1957