Legal Opinion
Crosswhite v. United States
District Court, D. Oregon
Decided August 3, 1977No. Civ. 74-723PublishedCited by 3 opinions
1Opinion of the Court
OPINION
SKOPIL, Chief Judge:
On September 1, 1970, the plaintiff taxpayers, Bert and Virginia Crosswhite, sold a 68.24-acre parcel of real property to their wholly-owned corporation for $550,000. On their federal income tax return for taxable year 1970, they reported the income from the installment payment received in 1970 as capital gain. The Internal Revenue Service (IRS) assessed a deficiency, finding that the property had been held by the Crosswhites primarily for sale to customers in the ordinary course of their trade or business and that the gain on the sale was therefore taxable as…
2Cases cited9 opinions
- Malat v. RiddellSupreme Court of the United States · 1966
- Michael L. Rockwell, and Regina Rockwell v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1975
- The Municipal Bond Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1967
- B. B. Margolis and Iris M. Margolis v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1964
- Los Angeles Extension Company v. United States of America, Security First National Bank v. United StatesCourt of Appeals for the First Circuit · 1963
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3Cited by3 opinions
- Mangurian v. CommissionerUnited States Tax Court · 1979
- Tidler v. CommissionerUnited States Tax Court · 1987
- Williford v. CommissionerUnited States Tax Court · 1992