Wibbelsman v. Commissioner
United States Tax Court
Petitioners in 1943 formed a syndicate to buy and sell several tracts of land, intending to subdivide one tract. They authorized their agent to sell any parcel and to fix the price and terms of sale. Seven sales were made in 1944 from tracts not subdivided. Held, these were not sales of capital assets.
1Opinion of the Court
OPINION.
Arnold, Judge:
The petitioners in their income tax returns for 1944 reported capital gains upon the seven sales of real estate effected in 1944 from lands held by the syndicate of which they, or their representatives, were members. The gains were reported as long term gains, except as to a sale made in March, the gain from which was reported as short term. The respondent determined deficiencies, holding that the gains were not from the sale of capital assets.
Petitioners contend that the land sold in 1944 was not held for sale to customers in the ordinary course of trade or business,…
2Cases cited4 opinions
- Farley v. CommissionerUnited States Tax Court · 1946
- Schafer v. HelveringSupreme Court of the United States · 1936
- Kanawha Valley Bank v. CommissionerUnited States Tax Court · 1944
- Spanish Trail Land Co. v. CommissionerUnited States Tax Court · 1948
3Cited by12 opinions
- Pointer v. CommissionerUnited States Tax Court · 1967
- A. Benetti Novelty Co. v. CommissionerUnited States Tax Court · 1949
- Brady v. CommissionerUnited States Tax Court · 1955
- A. Benetti Novelty Co. v. CommissionerUnited States Tax Court · 1949
- Brady v. CommissionerUnited States Tax Court · 1955
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