Buono v. Commissioner
United States Tax Court
Petitioners formed a subch. S corporation in 1968 to acquire a tract of undeveloped land. They intended to sell the entire property intact as soon as the local municipality approved the corporation's application to subdivide the property. A dispute between the municipality and the corporation developed over the subdivision application. A major portion of the property was sold in 1973, after resolution of the controversy.
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Petitioners formed a subch. S corporation in 1968 to acquire a tract of undeveloped land. They intended to sell the entire property intact as soon as the local municipality approved the corporation's application to subdivide the property. A dispute between the municipality and the corporation developed over the subdivision application. A major portion of the property was sold in 1973, after resolution of the controversy. The corporation acquired no other property and was engaged in no other activity. Held, the property sold in 1973 was not held for sale to customers in the ordinary course of…
1Opinion of the Court
George V. Buono, John R. Fiorino and Margaret H. Fiorino, Thomas F. Kane and Judy K. Kane, Francis A. Miller and Barbara A. Miller, Ben Roberts and Sylvia Roberts, and Henry E. Traphagen and Edith M. Traphagen, Petitioners v. Commissioner of Internal Revenue, Respondent
Buono v. Commissioner
Docket No. 3504-78
United States Tax Court
74 T.C. 187; 1980 U.S. Tax Ct. LEXIS 141; 74 T.C. No. 15;
April 29, 1980, Filed
Decision will be entered under Rule 155.
Petitioners formed a subch. S corporation in 1968 to acquire a tract of undeveloped land. They intended to sell the entire property intact as soon as…
2Cases cited26 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Malat v. RiddellSupreme Court of the United States · 1966
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- United States v. Ada Belle Winthrop, Individually and as Under the Will of Guy L. Winthrop, DeceasedCourt of Appeals for the Fifth Circuit · 1969
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