Gerber v. Commissioner
United States Tax Court
Assuming that the issue is properly before the Court, petitioners' contention that at least 30 per cent of the gain recognized upon sales of their stock in "collapsible" corporations was attributable to increases in the value of land, wholly apart from apartment houses constructed thereon, is rejected.
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Assuming that the issue is properly before the Court, petitioners' contention that at least 30 per cent of the gain recognized upon sales of their stock in "collapsible" corporations was attributable to increases in the value of land, wholly apart from apartment houses constructed thereon, is rejected. Sec. 117(m)(3)(B), I.R.C. 1939; held, accordingly, that the gains recognized by petitioners were properly to be considered as gains attributable to property which is not a capital asset.
1Opinion of the Court
Erwin Gerber and Ruth B. Gerber, Petitioners, v. Commissioner of Internal Revenue, Respondent
Gerber v. Commissioner
Docket No. 60355
United States Tax Court
32 T.C. 1199; 1959 U.S. Tax Ct. LEXIS 87;
September 18, 1959, Filed
Decision will be entered for the respondent.
Assuming that the issue is properly before the Court, petitioners' contention that at least 30 per cent of the gain recognized upon sales of their stock in "collapsible" corporations was attributable to increases in the value of land, wholly apart from apartment houses constructed thereon, is rejected. Sec. 117(m)(3)(B), I.R.C. 1939;…
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