Carroll v. Commissioner
United States Board of Tax Appeals
CAPITAL GAIN. - Land essentially different in character from the improved building sites customarily acquired and used by petitioner in his business of an operative builder is shown by the evidence to have been purchased by him in a transaction unrelated to the business and to have been held as an investment until sold more than two years thereafter.
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CAPITAL GAIN. - Land essentially different in character from the improved building sites customarily acquired and used by petitioner in his business of an operative builder is shown by the evidence to have been purchased by him in a transaction unrelated to the business and to have been held as an investment until sold more than two years thereafter. Held that gains realized in 1923, 1924, and 1925 from such sales are subject to the optional tax rate provided for capital gains by the Revenue Acts of 1921, 1924, and 1926.
1Opinion of the Court
*726OPINION.
TRUssell :
The question here presented, in. so far as income for the year 1923 is concerned, requires little discussion as the Revenue Act of 1921 applies and provides in section 206 (a) (6) :
That for the purpose of this title:
* * ⅜ * * * *(6) The term “capital assets” as used in this section means property acquired and held by the taxpayer for profit or investment for more than two years (whether or not connected with his trade or business), but does not include property held for the personal use or consumption of the taxpayer or his family, or stock in trade of the taxpayer or other…
2Cases cited2 opinions
- Gilbert v. CommissionerUnited States Board of Tax Appeals · 1930
- Miller v. CommissionerUnited States Board of Tax Appeals · 1930
3Cited by11 opinions
- Loughborough Dev. Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
- Barney v. CommissionerUnited States Tax Court · 1967
- Nolla v. Secretario de HaciendaSupreme Court of Puerto Rico · 1954
- Carroll v. CommissionerUnited States Board of Tax Appeals · 1930
- Dunigan v. CommissionerUnited States Board of Tax Appeals · 1931
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