Philber Equip. Corp. v. Comm'r
United States Tax Court
Held, on the facts, sales of used motor vehicles by petitioner through its agent were sales of property held by petitioner primarily for sale to customers in the ordinary course of petitioner's trade or business, and gains from such sales are taxable as ordinary income. Sec. 117 (j) (1) (B), I. R. C. 1939.
1Opinion of the Court
OPINION.
Raum, Judge:
During its fiscal years ending June 30, 1951, and June 30, 1952, petitioner sold through, an agent a number of motor vehicles which it had acquired new and had leased in various quantities to different lessees for periods of, in each instance, approximately 1 year. Eespondent contends that the vehicles were acquired for two purposes, first to lease them for a period substantially less than their useful lives, and thereafter to offer them for sale to the public at retail as used vehicles. Such sales, according to this theory, were of property held primarily for sale to…
2Cases cited11 opinions
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
- Brown v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1944
6 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Philber Equipment Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1956
- Gulftex Drug Co. v. CommissionerUnited States Tax Court · 1957
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- Yunker v. CommissionerUnited States Tax Court · 1956
- Hollywood Baseball Asso. v. CommissionerUnited States Tax Court · 1968
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