Legal Opinion
Philhall Corporation v. United States
Court of Appeals for the Sixth Circuit
Decided December 15, 1976No. 75-2389PublishedCited by 33 opinions
1Opinion of the Court
PHILLIPS, Chief Judge.
This case involves a suit for a refund of federal income taxes paid on the sale of an option on land. The taxpayer, Philhall Corporation, contends that the option was a capital asset in its hands and that it was entitled to capital gains treatment on its sale. The United States asserts that the option, having the same character as the underlying land, was inventory or property of the taxpayer, held for sale in the ordinary course of business and not entitled to capital gains treatment. After a trial and a favorable jury verdict for the taxpayer, the District Court…
2Cases cited11 opinions
- Malat v. RiddellSupreme Court of the United States · 1966
- United States v. F. & M. Schaefer Brewing Co.Supreme Court of the United States · 1958
- Johnson v. New York, New Haven & Hartford RailroadSupreme Court of the United States · 1952
- Biedenharn Realty Co. v. United StatesCourt of Appeals for the Fifth Circuit · 1976
- Raymond Bauschard v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1960
6 more not listed; retrieve them via the Exa API.
3Cited by33 opinions
- Charles Warkentien and Patricia Ann Warkentien v. James J. Vondracek and Donna L. VondracekCourt of Appeals for the Sixth Circuit · 1980
- Byram v. United StatesCourt of Appeals for the Fifth Circuit · 1983
- United States v. SpencerCourt of Appeals for the Tenth Circuit · 1999
- Louisville and Nashville Railroad Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1981
- Harlin J. Wall v. United StatesCourt of Appeals for the Third Circuit · 1979
28 more not listed; retrieve them via the Exa API.