Bynum v. Commissioner
United States Tax Court
Petitioners, in the landscaping and nursery business, were under great pressure from the mortgagee of their farm on which they lived and operated such business, to amortize or reduce the mortgage.
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Petitioners, in the landscaping and nursery business, were under great pressure from the mortgagee of their farm on which they lived and operated such business, to amortize or reduce the mortgage. Held, in subdividing a portion of such farm and in selling subdivided lots therefrom in 1960 and 1961, their activities were so extensive as to constitute a second business and they held such lots primarily for sale to customers in the ordinary course of such trade or business in that such lots were held "principally" for such purpose and such purpose was "of first importance" to them, consequently,…
1Opinion of the Court
Forrester, Judge:
Respondent has determined deficiencies in petitioners’ income taxes for the calendar years 1960 and 1961 in the amounts of $4,512.68 and $3,220.02, which latter amount includes an asserted addition to the tax under section 6654(a) of the Internal Revenue Code of 19541 in the amount of $15.95. The only issue now remaining for our decision is whether admitted gains from sales of real estate during the years in issue are taxable as ordinary income or as long-term capital gain. Requisite mathematical, adjustments as to allowable medical expenses may be dependent upon our…
2Cases cited16 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Malat v. RiddellSupreme Court of the United States · 1966
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- Galena Oaks Corporation v. Frank Scofield, Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1954
11 more not listed; retrieve them via the Exa API.
3Cited by59 opinions
- Biedenharn Realty Co. v. United StatesCourt of Appeals for the Fifth Circuit · 1976
- Buono v. CommissionerUnited States Tax Court · 1980
- Bunnel v. CommissionerUnited States Tax Court · 1968
- Pointer v. CommissionerUnited States Tax Court · 1967
- Westchester Dev. Co. v. CommissionerUnited States Tax Court · 1974
54 more not listed; retrieve them via the Exa API.