Brady v. Commissioner
United States Tax Court
Petitioner, and three other men who were engaged in the real estate business, jointly purchased 68 improved residential lots which were heavily encumbered with liens for delinquent taxes, settled and financed the removal of such liens, sold the lots to various purchasers, and divided the profits and expenses in equal shares.
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Petitioner, and three other men who were engaged in the real estate business, jointly purchased 68 improved residential lots which were heavily encumbered with liens for delinquent taxes, settled and financed the removal of such liens, sold the lots to various purchasers, and divided the profits and expenses in equal shares. Held, that petitioner and his associates were members of a joint venture; that the lots were held primarily for sale to customers in the ordinary course of the business of such venture and were not capital assets; and that petitioner's share of the net profits is taxable…
1Opinion of the Court
J. Roland Brady, Petitioner, v. Commissioner of Internal Revenue, Respondent. J. Roland Brady and Marian E. Brady, Petitioners, v. Commissioner of Internal Revenue, Respondent
Brady v. Commissioner
Docket Nos. 41058, 41059
United States Tax Court
25 T.C. 682; 1955 U.S. Tax Ct. LEXIS 5;
December 30, 1955, Filed
Decisions will be entered under Rule 50.
Petitioner, and three other men who were engaged in the real estate business, jointly purchased 68 improved residential lots which were heavily encumbered with liens for delinquent taxes, settled and financed the removal of such liens, sold the lots to…
2Cases cited6 opinions
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Mauldin v. CommissionerUnited States Tax Court · 1951
- West v. Peoples First National Bank & Trust Co.Supreme Court of Pennsylvania · 1954
- Wibbelsman v. CommissionerUnited States Tax Court · 1949
- Brady v. CommissionerUnited States Tax Court · 1955
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