Burns v. Commissioner
United States Tax Court
1. In 1944 petitioner sold, at a loss, 40 acres of unimproved land located near Lake Wales, Florida. At the time of the sale the land was held by petitioner primarily for sale to customers in the ordinary course of his business of selling unimproved property. Held, that the loss was an ordinary loss, and not a capital loss. 2. In 1945 petitioner sold, at a loss, a residence he had built in 1926 for his personal use.
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1. In 1944 petitioner sold, at a loss, 40 acres of unimproved land located near Lake Wales, Florida. At the time of the sale the land was held by petitioner primarily for sale to customers in the ordinary course of his business of selling unimproved property. Held, that the loss was an ordinary loss, and not a capital loss. 2. In 1945 petitioner sold, at a loss, a residence he had built in 1926 for his personal use. On the evidence, held that the residence was converted from personal use to business use in 1940. 3. In 1926 petitioner constructed an office building on lots he had purchased in…
1Opinion of the Court
OPINION.
Turner, Judge:
This is another of those cases involving the sale of real estate by an individual where the question is whether the parcels sold were or were not capital assets, and in which the positions of the parties as to whether the real estate sold was held primarily for sale to customers in the ordinary course of the taxpayer’s trade or business shift according to the gain or loss results of the sales.
It is the claim of the petitioner that beginning in 1925, up to and including the taxable years, he was engaged in the business of buying and selling Florida real estate; that all…
2Cases cited10 opinions
- Heiner v. TindleSupreme Court of the United States · 1928
- Dunlap, Acting Collector of Internal Revenue v. Oldham Lumber CoCourt of Appeals for the Fifth Circuit · 1950
- Sic v. CommissionerUnited States Tax Court · 1948
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
- Sic v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1949
5 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Colorado Nat'l Bank v. CommissionerUnited States Tax Court · 1958
- Goble v. CommissionerUnited States Tax Court · 1954
- Townend v. CommissionerUnited States Tax Court · 1956
- Jay Burns v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Mary Pauline McKenney Joyce, Aloysius G. Casey and Gerard A. McDonough and Executors Under the Will of M. Pauline Casey, Deceased v. United StatesCourt of Appeals for the Third Circuit · 1966
6 more not listed; retrieve them via the Exa API.