Eckstrom v. Commissioner
United States Tax Court
Capital gain or ordinary income. - Petitioner constructed ten houses in 1944, selling two of them in 1945 and renting the balance to defense workers in accordance with Government regulations.
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Capital gain or ordinary income. - Petitioner constructed ten houses in 1944, selling two of them in 1945 and renting the balance to defense workers in accordance with Government regulations. Petitioner sold the remaining houses in February and March 1946 after Government restrictions had been lifted on October 15, 1945. Held, the houses sold in 1946 were property held primarily for sale to customers in the ordinary course of business, and the gain realized is taxable as ordinary income.
1Opinion of the Court
Reuben Eckstrom v. Commissioner.
Eckstrom v. Commissioner
Docket No. 38976.
United States Tax Court
1953 Tax Ct. Memo LEXIS 348; 12 T.C.M. (CCH) 214; T.C.M. (RIA) 53070;
March 5, 1953
Capital gain or ordinary income. - Petitioner constructed ten houses in 1944, selling two of them in 1945 and renting the balance to defense workers in accordance with Government regulations. Petitioner sold the remaining houses in February and March 1946 after Government restrictions had been lifted on October 15, 1945. Held, the houses sold in 1946 were property held primarily for sale to customers in the ordinary…
2Cases cited5 opinions
- Wood v. CommissionerUnited States Tax Court · 1951
- Winnick v. CommissionerUnited States Tax Court · 1951
- McGah v. CommissionerUnited States Tax Court · 1950
- McGah v. CommissionerUnited States Tax Court · 1952
- Victory Housing, Inc. v. CommissionerUnited States Tax Court · 1952