Legal Opinion
McConkey v. United States
United States Court of Claims
Decided May 3, 1955No. 487-53PublishedCited by 18 opinions
1Opinion of the Court
WHITAKER, Judge.
The issue presented in this case is whether or not the profits derived from the sale by plaintiffs in the years of 1947 and 1949 of certain lots in the Williamson Groves and Lincoln Court subdivisions are taxable as capital gains, or taxable as ordinary income as gains derived by the taxpayers “in the ordinary course of [their] trade or business.”
Capital assets are defined by section 117 of the Internal Revenue Code of 1939, 26 U.S.C.A. § 117, as “property held by the taxpayer (whether or not connected with his trade or business), but does not include * * * property held by…
2Cases cited19 opinions
- Higgins v. CommissionerSupreme Court of the United States · 1941
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Farley v. CommissionerUnited States Tax Court · 1946
14 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Milton S. Yunker and Leonna S. Yunker (Husband and Wife) v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
- Miller v. United StatesUnited States Court of Claims · 1964
- Lazarus v. United StatesUnited States Court of Claims · 1959
- Recordak Corp. v. United StatesUnited States Court of Claims · 1963
- John Nadalin and Mary Nadalin v. The United StatesUnited States Court of Claims · 1966
13 more not listed; retrieve them via the Exa API.