Pinkerton v. Commissioner
United States Tax Court
1. Sec. 117 (j) (1) and (k) (1), I. R. C. 1939 -- Capital Gain. -- Held, petitioners' partnership had the right to cut certain timber and sell on its own account, and accordingly petitioners were entitled to report gains as capital gains rather than as ordinary income.
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1. Sec. 117 (j) (1) and (k) (1), I. R. C. 1939 -- Capital Gain. -- Held, petitioners' partnership had the right to cut certain timber and sell on its own account, and accordingly petitioners were entitled to report gains as capital gains rather than as ordinary income. Principles established in Helga Carlen, 20 T. C. 573, applied. 2. Sec. 294 (d), I. R. C. 1939. -- Held, petitioners have failed to prove failure to file timely declarations of estimated tax was due to reasonable cause.
1Opinion of the Court
Tietjens, Judge:
The Commissioner determined the following deficiencies in income tax and additions to tax:
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The questions for decision are as follows: (1) Did the Commissioner properly determine that income of a partnership reported by petitioners as long-term capital gains under section 117 (j) (1) and section 117 (k) (1), constitute ordinary income; and (2) was the failure of petitioners in Docket Nos. 61435 and 61511 to file declarations of estimated tax due to reasonable cause and not to willful neglect?
findings of fact.
General and Section 117 {h) (1) Issue.
Some of the facts…
2Cases cited4 opinions
- Bouche v. CommissionerUnited States Tax Court · 1952
- Fischer v. CommissionerUnited States Tax Court · 1955
- Carlen v. CommissionerUnited States Tax Court · 1953
- Cooper v. CommissionerUnited States Tax Court · 1956
3Cited by9 opinions
- Ray v. CommissionerUnited States Tax Court · 1959
- Stewart v. United StatesDistrict Court, S.D. New York · 1967
- Carpenter v. CommissionerUnited States Tax Court · 1961
- Carpenter v. CommissionerUnited States Tax Court · 1961
- Lansing v. CommissionerUnited States Tax Court · 1964
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