Ashby v. Commissioner
United States Tax Court
Petitioner, a licensed real estate broker, was the successful bidder for certain parcels of real estate sold by Polk County, Iowa, for delinquent taxes in 1951 to 1955, inclusive, for which he received certificates of purchase, subject to redemption by the owner of the real estate within the period provided by the Iowa statutes upon the payment of the amount originally paid by petitioner, plus 4-percent penalty, plus 6-percent interest on the whole amount, including taxes…
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Petitioner, a licensed real estate broker, was the successful bidder for certain parcels of real estate sold by Polk County, Iowa, for delinquent taxes in 1951 to 1955, inclusive, for which he received certificates of purchase, subject to redemption by the owner of the real estate within the period provided by the Iowa statutes upon the payment of the amount originally paid by petitioner, plus 4-percent penalty, plus 6-percent interest on the whole amount, including taxes for subsequent years paid by petitioner and penalties thereon. One hundred eleven of such parcels for which petitioner had…
1Opinion of the Court
Bruce, Judge:
This proceeding involves deficiencies in Federal income tax for the years 1955 and 1956 in the amounts of $125.59 and $133.65, respectively. After certain concessions by petitioners the sole issue remaining is whether the amounts of $382.17 and $653.85, which represent a 4-percent statutory penalty received by petitioner in 1955 and 1956, respectively, upon redemption of certain parcels of real estate purchased by petitioner at delinquent tax sales and held for more than 6 months, constitute capital gain or ordinary income.
FINDINGS OF FACT.
The stipulated facts are so found and…
2Cases cited12 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Thrift v. CommissionerUnited States Tax Court · 1950
- Snell v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1938
- Eline Realty Co. v. CommissionerUnited States Tax Court · 1960
- Boomhower v. United StatesDistrict Court, N.D. Iowa · 1947
7 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Mensik v. CommissionerUnited States Tax Court · 1962
- Hollywood Baseball Ass'n v. CommissionerUnited States Tax Court · 1964
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- Grimaldi v. CommissionerUnited States Tax Court · 1963
- Ashby v. CommissionerUnited States Tax Court · 1961
6 more not listed; retrieve them via the Exa API.