Phillips v. Comissioner of Internal Revenue
United States Tax Court
1. Petitioner is a contractor and also a real estate dealer and investor who sold certain pieces of real estate at a profit during the taxable years 1947 through 1949. Held, (a) lots in a subdivision acquired and developed by petitioner for sale both in connection with contracts for house construction and otherwise, (b) vacant lots in a rental housing development, and (c) other vacant land were held primarily for sale to customers in the ordinary course of petitioner's…
Read the full summary
1. Petitioner is a contractor and also a real estate dealer and investor who sold certain pieces of real estate at a profit during the taxable years 1947 through 1949. Held, (a) lots in a subdivision acquired and developed by petitioner for sale both in connection with contracts for house construction and otherwise, (b) vacant lots in a rental housing development, and (c) other vacant land were held primarily for sale to customers in the ordinary course of petitioner's business, and profits resulting from sales of such real estate are not entitled to capital gains treatment within section…
1Opinion of the Court
OPINION.
Fisher, Judge:
Respondent determined that gains realized by petitioner from real estate transactions during the years 1947 through 1949 are taxable as ordinary income from the sale of property held by him primarily for sale to customers in the ordinary course of his trade or business. In his return for each of the years in question, petitioner reported such income as capital gains, and he herein assigns as error respondent’s determination to the contrary. The issue presented therefore is whether at the time of sale petitioner held each item of property “primarily for sale to customers…
2Cases cited5 opinions
- Thrift v. CommissionerUnited States Tax Court · 1950
- Farley v. CommissionerUnited States Tax Court · 1946
- Dunlap, Acting Collector of Internal Revenue v. Oldham Lumber CoCourt of Appeals for the Fifth Circuit · 1950
- Home Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1954
- Delsing v. United StatesCourt of Appeals for the Fifth Circuit · 1951
3Cited by76 opinions
- Eline Realty Co. v. CommissionerUnited States Tax Court · 1960
- Anderson v. CommissionerUnited States Tax Court · 1956
- Philbin v. CommissionerUnited States Tax Court · 1956
- Real Estate Corp. v. CommissionerUnited States Tax Court · 1961
- Hollywood Baseball Ass'n v. CommissionerUnited States Tax Court · 1964
71 more not listed; retrieve them via the Exa API.