Eline Realty Co. v. Commissioner
United States Tax Court
In 1937 A. J. Eline acquired a 16-acre tract of land known as the Fehr farm. Long active in many phases of real estate, he formed a partnership with Pearl Hartman in 1944. Petitioner, the successor of this partnership, was incorporated in 1947. The eastern portion of the Fehr farm was subdivided and developed beginning in 1938, the western portion beginning in 1947. In the subdivision of the farm, certain existing east-west streets were continued in a straight line across…
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In 1937 A. J. Eline acquired a 16-acre tract of land known as the Fehr farm. Long active in many phases of real estate, he formed a partnership with Pearl Hartman in 1944. Petitioner, the successor of this partnership, was incorporated in 1947. The eastern portion of the Fehr farm was subdivided and developed beginning in 1938, the western portion beginning in 1947. In the subdivision of the farm, certain existing east-west streets were continued in a straight line across the farm, traversing the farm just above its southern boundary, thereby isolating a long and narrow strip of land, which…
1Opinion of the Court
Bnucn, Judge:
This proceeding involves a deficiency in Federal income tax for the taxable year ended July 31, 1953, in the amount of $2,440.07. The issue is whether gain realized by petitioner from the sale of certain land is taxable as capital gain or as ordinary income.
FINDINGS OF FACT.
The stipulated facts are so found and are incorporated herein by this reference.
Petitioner is a Kentucky corporation with its principal office in Louisville, Kentucky. It filed its income tax return for the year ended July 31, 1953, with the district director of internal revenue for Kentucky.
Petitioner was…
2Cases cited6 opinions
- Thrift v. CommissionerUnited States Tax Court · 1950
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Bauschard v. CommissionerUnited States Tax Court · 1959
- Richards v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1936
- Phillips v. Comissioner of Internal RevenueUnited States Tax Court · 1955
1 more not listed; retrieve them via the Exa API.
3Cited by78 opinions
- Pritchett v. CommissionerUnited States Tax Court · 1974
- Suburban Realty Company v. United StatesCourt of Appeals for the Fifth Circuit · 1980
- Daugherty v. CommissionerUnited States Tax Court · 1982
- Real Estate Corp. v. CommissionerUnited States Tax Court · 1961
- Westchester Dev. Co. v. CommissionerUnited States Tax Court · 1974
73 more not listed; retrieve them via the Exa API.