Riley v. Commissioner
United States Tax Court
1. Held, that petitioner realized a net profit of $ 25,761.08 as the building contractor for the construction of the Manning Gardens apartments. 2. Held, that Manning Gardens, Inc., was not a collapsible corporation within the meaning of section 117(m) of the 1939 Code and, therefore, that the gain realized by petitioner in the amount of $ 27,483.39 upon the sale of his stock was taxable as capital gain. 3. Held, that petitioner's failure to file a timely declaration of…
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1. Held, that petitioner realized a net profit of $ 25,761.08 as the building contractor for the construction of the Manning Gardens apartments. 2. Held, that Manning Gardens, Inc., was not a collapsible corporation within the meaning of section 117(m) of the 1939 Code and, therefore, that the gain realized by petitioner in the amount of $ 27,483.39 upon the sale of his stock was taxable as capital gain. 3. Held, that petitioner's failure to file a timely declaration of estimated tax for the year 1953 was not due to reasonable cause.
1Opinion of the Court
KerN, Judge:
The respondent determined deficiencies in the petitioner’s income tax liability in the amounts of $7,549.34 and $10,150.31 for the years ended December 31, 1951 and 1953, respectively. Further, respondent determined an addition to tax in the amount of $1,206.25 for the year 1953, under section 294(d) (1) (A) of the Internal Revenue Code of 1939, for failure to file a declaration of estimated tax on time.
The issues presented for decision are:(1) Whether respondent erred in determining that petitioner realized a total net profit of $25,761.08 (including an additional unreported…
2Cases cited4 opinions
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Arthur Glickman Herman Glickman and Ruth Glickman and Aaron Glickmand and Freda Glickman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Gross v. CommissionerUnited States Tax Court · 1955
- Commissioner of Internal Revenue v. George M. Gross and Anna Gross, (And Ten Other Consolidated Petitions for Review)Court of Appeals for the Second Circuit · 1956
3Cited by26 opinions
- Temkin v. CommissionerUnited States Tax Court · 1961
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- Sproul Realty Co. v. CommissionerUnited States Tax Court · 1962
- Computer Sciences Corp. v. CommissionerUnited States Tax Court · 1974
- Commissioner of Internal Revenue v. Ralph J. Solow and Celia O. SolowCourt of Appeals for the Second Circuit · 1964
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