Wheeler v. Commissioner
United States Tax Court
Petitioner and another entered into an agreement whereby they joined together to develop real property. Petitioner was to provide the know-how, the other party was to provide the capital. Held: Petitioner was a joint venturer entitled to report his share of proceeds from a sale of the developed real property as his share of joint venture capital gain. Held,further: The fair market value of stock, debentures, and a note determined.
1Opinion of the Court
RICHARD O. WHEELER and BETTY P. WHEELER, Petitioners/ v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Wheeler v. Commissioner
Docket No. 6482-73.
United States Tax Court
T.C. Memo 1978-208; 1978 Tax Ct. Memo LEXIS 305; 37 T.C.M. (CCH) 883; T.C.M. (RIA) 780208;
June 7, 1978, Filed
Petitioner and another entered into an agreement whereby they joined together to develop real property. Petitioner was to provide the know-how, the other party was to provide the capital. Held: Petitioner was a joint venturer entitled to report his share of proceeds from a sale of the developed real property as his share…
2Cases cited40 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Commissioner v. TowerSupreme Court of the United States · 1946
- Lusthaus v. CommissionerSupreme Court of the United States · 1946
- Helvering v. Tex-Penn Oil Co.Supreme Court of the United States · 1937
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3Cited by1 opinion
- Boca Investerings Partnership v. United StatesDistrict Court, District of Columbia · 2001