Philber Equip. Corp. v. Comm'r
United States Tax Court
Held, on the facts, sales of used motor vehicles by petitioner through its agent were sales of property held by petitioner primarily for sale to customers in the ordinary course of petitioner's trade or business, and gains from such sales are taxable as ordinary income. Sec. 117 (j) (1) (B), I. R. C. 1939.
1Opinion of the Court
Philber Equipment Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Philber Equip. Corp. v. Comm'r
Docket No. 50634
United States Tax Court
25 T.C. 88; 1955 U.S. Tax Ct. LEXIS 70;
October 24, 1955, Filed
Decision will be entered for the respondent.
Held, on the facts, sales of used motor vehicles by petitioner through its agent were sales of property held by petitioner primarily for sale to customers in the ordinary course of petitioner's trade or business, and gains from such sales are taxable as ordinary income. Sec. 117 (j) (1) (B), I. R. C. 1939.
George F. Shinehouse, Jr.,…
2Cases cited12 opinions
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
- Brown v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1944
7 more not listed; retrieve them via the Exa API.