Atteberry v. Commissioner
United States Tax Court
In 1943, petitioner, a heavy construction contractor, acquired, by purchase, a 61-acre tract of rough, unimproved land as an investment. In 1954, petitioner subdivided 20 acres of the land into 51 residential building lots. In 1955 and 1956, petitioner sold the 51 lots in two sales of 6 and 45 lots, respectively.
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In 1943, petitioner, a heavy construction contractor, acquired, by purchase, a 61-acre tract of rough, unimproved land as an investment. In 1954, petitioner subdivided 20 acres of the land into 51 residential building lots. In 1955 and 1956, petitioner sold the 51 lots in two sales of 6 and 45 lots, respectively. Held, petitioner did not hold the lots primarily for sale to customers in the ordinary course of his trade or business and the gains realized from the sale thereof are taxable as gains from the sale of capital assets.
1Opinion of the Court
William R. Atteberry v. Commissioner.
Atteberry v. Commissioner
Docket No. 76144.
United States Tax Court
T.C. Memo 1961-158; 1961 Tax Ct. Memo LEXIS 190; 20 T.C.M. (CCH) 791; T.C.M. (RIA) 61158;
May 31, 1961
In 1943, petitioner, a heavy construction contractor, acquired, by purchase, a 61-acre tract of rough, unimproved land as an investment. In 1954, petitioner subdivided 20 acres of the land into 51 residential building lots. In 1955 and 1956, petitioner sold the 51 lots in two sales of 6 and 45 lots, respectively. Held, petitioner did not hold the lots primarily for sale to customers in the…
2Cases cited12 opinions
- Thrift v. CommissionerUnited States Tax Court · 1950
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Arthur W. Smith and Mrs. Arthur W. Smith v. Charles H. Dunn, Formerly Acting Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Bauschard v. CommissionerUnited States Tax Court · 1959
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