Moore v. Commissioner
United States Tax Court
Capital Gains -- Sales of Lots. -- Trust created by petitioners for purpose of liquidating a tract of land acquired by gift held not engaged in trade or business in selling 22 lots over an 11-year period and gain realized on sale of 6 lots in taxable year is entitled to capital gains treatment.
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax for the taxable years 1949 and 1950 as follows:
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The petitioners concede the deficiencies for the taxable year 1949 as determined by the respondent. The only issue remaining for decision is whether gains from the sale of building lots realized by a trust in 1950 and taxable to the petitioners in that year as beneficiaries of the trust are taxable as ordinary income as determined by the respondent, or as long-term capital gam as contended by the petitioners.
findings of fact.
Some of the facts are stipulated and are…
Also in this document: Dissent.
2Cases cited8 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Thrift v. CommissionerUnited States Tax Court · 1950
- Farley v. CommissionerUnited States Tax Court · 1946
- Boomhower v. United StatesDistrict Court, N.D. Iowa · 1947
- Home Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1954
3 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Ayling v. CommissionerUnited States Tax Court · 1959
- Vreeland v. CommissionerUnited States Tax Court · 1958
- Estate of Mundy v. CommissionerUnited States Tax Court · 1961
- Longfellow v. CommissionerUnited States Tax Court · 1958
- Armendaris Corp. v. CommissionerUnited States Tax Court · 1979
11 more not listed; retrieve them via the Exa API.