Martin v. Commissioner
United States Tax Court
Held: Lease-option agreement was in effect a sale of the property referred to therein thereby terminating petitioner's holding period of the property on the effective date of the agreement. Petitioner realized a short-term capital gain on the transaction. Held, further, petitioner failed to prove that respondent erred in disallowing deductions for taxes and attorneys' fees. Held, further, petitioner failed to prove that he was entitled to deductions for travel expense.
1Opinion of the Court
Drennen, Judge:
Respondent determined deficiencies in petitioners’ income tax and additions to tax under sections 294(d) (1) (A) and 294(d) (2), I.R.C. 1939,1 as follows:
Year Deficiency Income tax Additions to tax,I.R..C. 1939 Sec. 294(d)(1) (A) Sec. 294(d)(2)
1951_. $460.28 $355.28 $236.85
1962. 18,676.82 2,475.86 1,650.57
1053.. 1. 680.76
At the hearing respondent conceded that petitioners are not liable for the additions to tax pursuant to section 294(d) (2) for the years 1951 and 1952. The issues remaining for decision are: (1) Whether petitioners realized long-term capital gain from the sale…
2Cases cited14 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Walburga Oesterreich v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Merrill v. CommissionerUnited States Tax Court · 1963
- Haggard v. CommissionerUnited States Tax Court · 1955
9 more not listed; retrieve them via the Exa API.
3Cited by37 opinions
- Baird v. CommissionerUnited States Tax Court · 1977
- Pacific Coast Music Jobbers, Inc. v. CommissionerUnited States Tax Court · 1971
- Northwest Acceptance Corp. v. CommissionerUnited States Tax Court · 1972
- Pacific Coast Music Jobbers, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1972
- Karl R. Martin and Kathleen Martin v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1967
32 more not listed; retrieve them via the Exa API.