Legal Opinion
Clark v. United States
District Court, E.D. Tennessee
Decided November 15, 1961No. Civ. A. No. 4170PublishedCited by 2 opinions
1Opinion of the Court
ROBERT L. TAYLOR, Chief Judge.
This case presents the recurring question of whether income derived from the sale of inherited land by subdividing into lots should be treated as ordinary income or as capital gains for the purpose of taxation.
Many of the pertinent facts have been stipulated. .
Plaintiffs, Charles C. and Emma Clark, are husband and wife as are McNutt and Troy Clark. Charles C. and McNutt Clark are the co-executors of the estate of their deceased mother, Lina B. Clark, who passed away in April, 1959. All of the plaintiffs are residents of Blount County, Tennessee.
The action was…
2Cases cited16 opinions
- Arthur W. Smith and Mrs. Arthur W. Smith v. Charles H. Dunn, Formerly Acting Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Nathan D. Goldberg and S. E. Wood, Jr. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Raymond Bauschard v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1960
- Julian E. Ross and Gertrude A. Ross v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Consolidated Naval Stores Company v. John L. Fahs, Collector of Internal Revenue in the State of FloridaCourt of Appeals for the Fifth Circuit · 1955
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3Cited by2 opinions
- Timken Roller Bearing Co. v. United StatesDistrict Court, N.D. Ohio · 1964
- Wofac Corporation v. United StatesDistrict Court, D. New Jersey · 1967