Estate of Mundy v. Commissioner
United States Tax Court
1. Petitioners inherited tract of land in 1948. Petitioners were not in the real estate business and had no desire to go into it, but wanted only to liquidate the property as soon as possible at a fair price. Through their agent the property was turned over to a real estate development firm in 1953, which subdivided, developed, and sold the property in lots as part of a residential development.
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1. Petitioners inherited tract of land in 1948. Petitioners were not in the real estate business and had no desire to go into it, but wanted only to liquidate the property as soon as possible at a fair price. Through their agent the property was turned over to a real estate development firm in 1953, which subdivided, developed, and sold the property in lots as part of a residential development. Petitioners did not personally participate in any way in the development and selling activities, full control of the property being given to the real estate development firm by contract, petitioners…
1Opinion of the Court
Drennen, Judge:
In these consolidated proceedings, respondent determined deficiencies in income tax for tbe calendar years and in tbe amounts as follows:
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The principal issue in all three cases is whether the gain realized from the sale of lots in 1954,1955, and 1956 by the partnership known as Mundy Property, in which William D. Mundy, J ames C. Mundy III, and Ruth M. Creech were partners, is to be considered as gain from the sale of capital assets or as ordinary income in those years; and in Docket No. 81317, two other issues are: (1) Whether the gain realized by Ruth M. Creech…
2Cases cited17 opinions
- Thrift v. CommissionerUnited States Tax Court · 1950
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Arthur W. Smith and Mrs. Arthur W. Smith v. Charles H. Dunn, Formerly Acting Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Farley v. CommissionerUnited States Tax Court · 1946
12 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Gordy v. CommissionerUnited States Tax Court · 1961
- Sam Frank, Jr., and Esther Frank, Willie L. McNatt and Helen C. McNatt v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1963
- John Nadalin and Mary Nadalin v. The United StatesUnited States Court of Claims · 1966
- Harry G. W. Voss and Mildred J. Voss v. United StatesCourt of Appeals for the Seventh Circuit · 1964
- Estate of Walton v. CommissionerUnited States Tax Court · 1962
11 more not listed; retrieve them via the Exa API.