Calvelli v. Commissioner
United States Board of Tax Appeals
1. Lots in a tract purchased by a building contractor for the purpose of subdivision and sale and to promote the building business, held, property held primarily for sale to customers in the ordinary course of the taxpayer's trade or business, and the tax upon the profits from the sale is not limited by the percentage applicable to capital assets. 2. A dwelling house used by the builder for display as a sample of his building and as an office, and occupied by him as a…
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1. Lots in a tract purchased by a building contractor for the purpose of subdivision and sale and to promote the building business, held, property held primarily for sale to customers in the ordinary course of the taxpayer's trade or business, and the tax upon the profits from the sale is not limited by the percentage applicable to capital assets. 2. A dwelling house used by the builder for display as a sample of his building and as an office, and occupied by him as a residence, held, in the absence of evidence of the proportionate extent of the business use, not a proper subject of a…
1Opinion of the Court
A. R. CALVELLI, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
IRMA M. CALVELLI, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Calvelli v. Commissioner
Docket Nos. 101618, 101619.
United States Board of Tax Appeals
43 B.T.A. 6; 1940 BTA LEXIS 864;
December 4, 1940, Promulgated
1. Lots in a tract purchased by a building contractor for the purpose of subdivision and sale and to promote the building business, held, property held primarily for sale to customers in the ordinary course of the taxpayer's trade or business, and the tax upon the profits from the sale is not…
2Cases cited1 opinion
- Calvelli v. CommissionerUnited States Board of Tax Appeals · 1940