Anders v. Commissioner
United States Tax Court
Petitioners obtained a 5-year option to purchase an entire tract of land. After 4 1/2 years petitioners received an offer to purchase a part of the tract and a check for $ 5,000 from the offerors. Petitioners discussed the matter with their accountant, returned the check to the offerors, and sold the option to the accountant. The accountant exercised the option, then sold the part of the tract to the offerors.
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Petitioners obtained a 5-year option to purchase an entire tract of land. After 4 1/2 years petitioners received an offer to purchase a part of the tract and a check for $ 5,000 from the offerors. Petitioners discussed the matter with their accountant, returned the check to the offerors, and sold the option to the accountant. The accountant exercised the option, then sold the part of the tract to the offerors. The accountant continued to sell various parcels of the tract thereafter, paying the purchase price of the option from the proceeds of the sales. Held: Petitioners sold the option to…
1Opinion of the Court
Claude Anders and Joyce Anders, Petitioners v. Commissioner of Internal Revenue, Respondent; Wade H. Patrick and Ethel H. Patrick, Petitioners v. Commissioner of Internal Revenue, Respondent
Anders v. Commissioner
Docket Nos. 8932-73, 8933-73
United States Tax Court
68 T.C. 474; 1977 U.S. Tax Ct. LEXIS 87;
July 11, 1977, Filed
Decision will be entered for the petitioners in docket No. 8932-73.
Decision will be entered under Rule 155 in docket No. 8933-73.
Petitioners obtained a 5-year option to purchase an entire tract of land. After 4 1/2 years petitioners received an offer to purchase a part of the…
2Cases cited8 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Estate of Mason v. CommissionerUnited States Tax Court · 1975
- Max H. Barber v. United States of America, William L. Taylor v. United StatesCourt of Appeals for the Eighth Circuit · 1954
- Blick v. CommissionerUnited States Tax Court · 1958
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