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
Ralph H. and Catherine Peters, Petitioners, v. Commissioner of Internal Revenue, Respondent
Peters v. Commissioner
Docket No. 78672
United States Tax Court
37 T.C. 799; 1962 U.S. Tax Ct. LEXIS 209;
January 17, 1962, Filed
Decision will be entered under Rule 50.
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…
2Cases cited11 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
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