Pritchett v. Commissioner
United States Tax Court
1. Held, certain parcels of real estate sold by petitioners in 1968 and 1969 were not held by petitioners primarily for sale to customers in the ordinary course of business and the profit realized on such sales is taxable as capital gain. 2. Held, further: The sale of two parcels of real estate by separate deeds to the same purchasers on the same day must be considered as two separate sales of real property for purposes of sec. 453 of the 1954 Code.
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1. Held, certain parcels of real estate sold by petitioners in 1968 and 1969 were not held by petitioners primarily for sale to customers in the ordinary course of business and the profit realized on such sales is taxable as capital gain. 2. Held, further: The sale of two parcels of real estate by separate deeds to the same purchasers on the same day must be considered as two separate sales of real property for purposes of sec. 453 of the 1954 Code. So considered, the sale of one of the parcels does not qualify for installment reporting of income under sec. 453. 3. Held, further, petitioners…
1Opinion of the Court
Drennen, Judge:
Respondent determined deficiencies in the petitioners’ Federal income tax for the calendar years 1968 and 1969 and an addition to tax under section 6653(a), I.R.C. 1954, for the calendar year 1969, as follows:
Addition to tax Year Deficiency under sec. 6653(a)
$1,955.15 J — 1 CO Oí oo
363,160.48 $18,158.02 h-l CO Oí co
The remaining issues to be decided are: (1) Whether certain sales of real property by the petitioners in 1968 and 1969 were sales of properties held primarily for sale to customers in the ordinary course of petitioners’ trade or business; (2) whether the sale of the…
2Cases cited26 opinions
- Malat v. RiddellSupreme Court of the United States · 1966
- Enoch v. CommissionerUnited States Tax Court · 1972
- Ullman v. CommissionerCourt of Appeals for the Second Circuit · 1959
- American Properties, Inc. v. CommissionerUnited States Tax Court · 1957
- Thrift v. CommissionerUnited States Tax Court · 1950
21 more not listed; retrieve them via the Exa API.
3Cited by147 opinions
- Metra Chem Corp. v. CommissionerUnited States Tax Court · 1987
- Neubecker v. CommissionerUnited States Tax Court · 1975
- Anthony J. Accardo and Clarice Accardo v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1991
- Daugherty v. CommissionerUnited States Tax Court · 1982
- Perrett v. CommissionerUnited States Tax Court · 1980
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