Borrelli v. Commissioner
United States Tax Court
Contemporaneous agreements executed on November 2, 1959, by petitioners and corporation construed to be not a legal conveyance of the property involved, but rather an executory contract for a conveyance to be made upon performance of specified conditions. Held, the sale of the property involved was consummated on March 30, 1960, and profit therefrom derived is subject to long-term capital gain treatment under sec. 1222(3), I.R.C. 1954.
1Opinion of the Court
Donald Borrelli and Mary Borrelli v. Commissioner.
Borrelli v. Commissioner
Docket No. 7269-70.
United States Tax Court
T.C. Memo 1972-178; 1972 Tax Ct. Memo LEXIS 79; 31 T.C.M. (CCH) 876; T.C.M. (RIA) 72178;
August 17, 1972, Filed. Tried in Chicago, Ill.
Contemporaneous agreements executed on November 2, 1959, by petitioners and corporation construed to be not a legal conveyance of the property involved, but rather an executory contract for a conveyance to be made upon performance of specified conditions. Held, the sale of the property involved was consummated on March 30, 1960, and profit…
2Cases cited31 opinions
- Poe v. SeabornSupreme Court of the United States · 1930
- Lucas v. North Texas Lumber Co.Supreme Court of the United States · 1930
- Heryford v. DavisSupreme Court of the United States · 1880
- McFeely v. CommissionerSupreme Court of the United States · 1935
- Rosewood Corp. v. FisherIllinois Supreme Court · 1970
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