Peters v. Commissioner
United States Tax Court
In 1947 petitioner's wholly owned corporation purchased the properties of a coalbreaker which properties included a silt bank. The corporation or other entities owned by petitioner operated the breaker until May 15, 1951, and during this time deposited silt on the bank. From May 15 to December 26, 1951, the corporation leased the breaker to an unrelated operator and on December 26, 1951, sold it but retained the silt bank, which it transferred to petitioner.
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In 1947 petitioner's wholly owned corporation purchased the properties of a coalbreaker which properties included a silt bank. The corporation or other entities owned by petitioner operated the breaker until May 15, 1951, and during this time deposited silt on the bank. From May 15 to December 26, 1951, the corporation leased the breaker to an unrelated operator and on December 26, 1951, sold it but retained the silt bank, which it transferred to petitioner. In 1956 petitioner sold the silt bank for $ 200,000. Petitioner had been engaged in the coal business for many years in various…
1Opinion of the Court
Scott, Judge:
Respondent determined a deficiency in petitioners’ income tax for the year 1956 in the amount of $124,097,81. The only issue for decision is whether the gain realized by petitioners on the sale of a silt bank was long-term capital gain as reported by them or ordinary income as determined by respondent.
FINDINGS OF FACT.
Some of the facts have been stipulated and are found accordingly.
Petitioners, husband and wife, residing in Schuylkill Haven, Schuylkill County, Pennsylvania, filed a joint income tax return for the calendar year 1956 on a cash basis with the district director of…
2Cases cited10 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Walter H. Kaltreider and Irene C. Kaltreider v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Kaltreider v. CommissionerUnited States Tax Court · 1957
5 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Peters v. CommissionerUnited States Tax Court · 1962