Louisiana Western Lumber Co. v. Commissioner
United States Tax Court
Held, on the facts, that the lots sold were held primarily for sale to customers in the ordinary course of a business and that the resulting gain is taxable as ordinary income.
1Opinion of the Court
OPINION.
Johnson, Judge:
The sole difference between the parties under the principal issue is whether the gain realized each year from sales of lots is taxable as ordinary income or as capital gain. The issue is a factual question and turns upon whether the lots constituted “property held by the taxpayer primarily for sale to customers in tfie ordinary course of his trade or business.” Sec. 117 (a) (1), I. R. C. We said in W. T. Thrift, Sr., 15 T. C. 366, 369, in connection with a like question:
The governing considerations have been the purpose or reason for the taxpayer’s acquisition of the…
2Cases cited8 opinions
- Thrift v. CommissionerUnited States Tax Court · 1950
- Dunlap, Acting Collector of Internal Revenue v. Oldham Lumber CoCourt of Appeals for the Fifth Circuit · 1950
- Ehrman v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1941
- Boomhower v. United StatesDistrict Court, N.D. Iowa · 1947
- Goldberg v. CommissionerUnited States Tax Court · 1954
3 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- American Can Co. v. CommissionerUnited States Tax Court · 1961
- Yunker v. CommissionerUnited States Tax Court · 1956
- Achong v. CommissionerUnited States Tax Court · 1956
- American Can Co. v. CommissionerUnited States Tax Court · 1961
- Louisiana Western Lumber Co. v. CommissionerUnited States Tax Court · 1954
1 more not listed; retrieve them via the Exa API.