Barrios v. Commissioner
United States Tax Court
Land which was originally purchased as a plantation and later rendered useless for farming by the construction of a canal in the vicinity, was surveyed, subdivided into lots, landscaped, and improved with water mains, streets, and culverts, and 233 of 263 lots were sold in 130 sales in a 5-year period.
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Land which was originally purchased as a plantation and later rendered useless for farming by the construction of a canal in the vicinity, was surveyed, subdivided into lots, landscaped, and improved with water mains, streets, and culverts, and 233 of 263 lots were sold in 130 sales in a 5-year period. Held, the lots were held in the taxable years primarily for sale to customers in the ordinary course of a trade or business, and the gain realized is taxable as ordinary income rather than long-term capital gain. Held, further, the petitioner is liable for additions to the tax under section 294…
1Opinion of the Court
Estate of Luke J. Barrios, Deceased, and Sallie F. Barrios, Surviving Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent
Barrios v. Commissioner
Docket No. 58314
United States Tax Court
29 T.C. 378; 1957 U.S. Tax Ct. LEXIS 28;
November 29, 1957, Filed
Decision will be entered under Rule 50.
Land which was originally purchased as a plantation and later rendered useless for farming by the construction of a canal in the vicinity, was surveyed, subdivided into lots, landscaped, and improved with water mains, streets, and culverts, and 233 of 263 lots were sold in 130 sales in a 5-year…
Also in this document: Dissent.
2Cases cited26 opinions
- Galena Oaks Corporation v. Frank Scofield, Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1954
- Thrift v. CommissionerUnited States Tax Court · 1950
- 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
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