Tombari v. Commissioner
United States Tax Court
1. Held, the selling price of petitioners' property sold in 1951 was $ 274,012.36 as determined by respondent in his deficiency notice and not $ 300,000 as claimed by petitioners in their return.
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1. Held, the selling price of petitioners' property sold in 1951 was $ 274,012.36 as determined by respondent in his deficiency notice and not $ 300,000 as claimed by petitioners in their return. Held, further, that the $ 86,783.13 which both parties agree is the amount which petitioners received from the sale in cash and other property in 1951 was more than 30 per cent of the sales price of the property and the petitioners are not entitled to use the installment basis in reporting the gain from the sale. 2. In the sale of their property referred to in paragraph 1 above, petitioners received…
1Opinion of the Court
OPINION.
Black, Judge:
The Commissioner has determined deficiencies in the income tax of petitioners for the years 1951 and 1952 in the respective amounts of $31,454.21 and $538.70. The only adjustment in issue for 1951 is adjustment “ (d) Long-term capital gain $39,322.33” and is explained in the deficiency notice as follows:(d) It has been determined that the payments received in the year 1951 from the sale of the East Mission Pharmacy together with the realty in which its operations were conducted, exceeded 30% of the selling price. It is held, therefore, that the gain cannot be reported on…
2Cases cited3 opinions
- Shafpa Realty Corp. v. CommissionerUnited States Board of Tax Appeals · 1927
- Gilbert v. CommissionerUnited States Tax Court · 1946
- Culbertson v. CommissionerUnited States Tax Court · 1950
3Cited by18 opinions
- Lowe v. CommissionerUnited States Tax Court · 1965
- Earl A. Phillips and Dorothy M. Phillips v. William E. Frank, District Director of Internal RevenueCourt of Appeals for the Ninth Circuit · 1961
- Darby Inv. Corp. v. CommissionerUnited States Tax Court · 1962
- Smith v. CommissionerUnited States Tax Court · 1967
- Rivers v. CommissionerUnited States Tax Court · 1968
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