Real Estate Corp. v. Commissioner
United States Tax Court
Petitioner bought and sold numerous unimproved tax-sale lots. Held: 1. Petitioner held the lots sold during the years in issue primarily for sale to customers in the ordinary course of its business, and was not entitled to capital gains treatment. 2. Petitioner did not qualify for nonrecognition under section 112(f), I.R.C. 1939, with respect to certain sales to the Union Pacific Railroad.
1Opinion of the Court
ForResteR, Judge:
Respondent has determined deficiencies in petitioner’s income tax for the taxable years 1950, 1951, and 1952 as follows:
Tear Deficiency
1950_$3, 613. 09
1951_ 8, 296. 05
1952_25, 418. 61
Total_ 37, 327. 75
Certain adjustments have been stipulated by the parties, and the issues remaining for determination are (1) whether the income from certain sales of real estate is entitled to capital gains treatment, and (2) whether petitioner is entitled to postpone recognition of a gain from the sale of certain realty.
FINDINGS OF FACT.
Some of the facts have been stipulated and are…
2Cases cited8 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Bauschard v. CommissionerUnited States Tax Court · 1959
- Eline Realty Co. v. CommissionerUnited States Tax Court · 1960
- Phillips v. Comissioner of Internal RevenueUnited States Tax Court · 1955
3 more not listed; retrieve them via the Exa API.
3Cited by33 opinions
- Howell v. CommissionerUnited States Tax Court · 1972
- Estate of Finder v. CommissionerUnited States Tax Court · 1961
- American Can Co. v. CommissionerUnited States Tax Court · 1961
- Cottle v. CommissionerUnited States Tax Court · 1987
- Hollywood Baseball Ass'n v. CommissionerUnited States Tax Court · 1964
28 more not listed; retrieve them via the Exa API.