Dunigan v. Commissioner
United States Board of Tax Appeals
1. Taxpayer, who was in the business of building and selling houses, in 1919 purchased a tract of land for use in his business and in 1922 and 1923 built houses thereon and sold them for a profit.
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1. Taxpayer, who was in the business of building and selling houses, in 1919 purchased a tract of land for use in his business and in 1922 and 1923 built houses thereon and sold them for a profit. Held, inasmuch as the land was held for more than two years and was a capital asset within the meaning of section 206 of the Revenue Act of 1921, the taxpayer may elect to have the portion of the profit from the sale which is allocable to the land taxed to him as a capital gain. 2. Since the houses were erected less than two years prior to their sale they were not held by the taxpayer for more than…
1Opinion of the Court
HELEN M. DUNIGAN, ADMINISTRATRIX OF THE ESTATE OF DAVID J. DUNIGAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Dunigan v. Commissioner
Docket No. 37149.
United States Board of Tax Appeals
23 B.T.A. 418; 1931 BTA LEXIS 1874;
May 27, 1931, Promulgated
1. Taxpayer, who was in the business of building and selling houses, in 1919 purchased a tract of land for use in his business and in 1922 and 1923 built houses thereon and sold them for a profit. Held, inasmuch as the land was held for more than two years and was a capital asset within the meaning of section 206 of the Revenue Act of…
2Cases cited5 opinions
- Atlantic Coast Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Carroll v. CommissionerUnited States Board of Tax Appeals · 1930
- Keeney v. CommissionerUnited States Board of Tax Appeals · 1929
- Dunigan v. CommissionerUnited States Board of Tax Appeals · 1931
- Phipps v. CommissionerUnited States Board of Tax Appeals · 1930