Gibson v. Commissioner
United States Tax Court
Ps (individuals and their wholly owned corporation) sold real estate and a day-care center and nursery school business in 1979 for $ 175,000, receiving $ 10,000 of the sales price that year. Ps did not report the sale or the receipt of the $ 10,000 on their 1979 individual or corporate returns. On their 1980 returns, Ps reported the sale (reporting only the balance of $ 165,000) as a closed transaction that year.
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Ps (individuals and their wholly owned corporation) sold real estate and a day-care center and nursery school business in 1979 for $ 175,000, receiving $ 10,000 of the sales price that year. Ps did not report the sale or the receipt of the $ 10,000 on their 1979 individual or corporate returns. On their 1980 returns, Ps reported the sale (reporting only the balance of $ 165,000) as a closed transaction that year. After audit, Ps filed amended 1979 returns, reporting the full sales price of $ 175,000 and attempting to elect the installment method of reporting their gain. Held, Ps' failure to…
1Opinion of the Court
PARKER, Judge:
Respondent determined deficiencies in petitioners’ respective individual and corporate Federal income tax as follows:
Taxpayer Year Deficiency
Joseph H. Gibson and
Gloria I. Gibson 1979 $10,524.87
1980 42.00
1979 ABC, Inc. 5,965.62
1980 172.72
After concessions the issues for decision are (1) whether the “binding election” rule of Pacific National Co. v. Welch, 304 U.S. 191 (1938), precludes petitioners from electing on their amended returns to use the installment method of section 4531 to report their respective gains from the sale of certain property; and (2) the proper allocation…
2Cases cited36 opinions
- Harper v. CommissionerUnited States Tax Court · 1970
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Hicks Co. v. CommissionerUnited States Tax Court · 1971
- Samuel Pollack and Annie Pollack v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- Pollack v. CommissionerUnited States Tax Court · 1966
31 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Stephen B. Scallen and Chacke Y. Scallen v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1989
- Home Group v. CommissionerUnited States Tax Court · 1988
- Bolton v. CommissionerUnited States Tax Court · 1989
- PERRY v. COMMISSIONERUnited States Tax Court · 1990
- Camara v. Comm'rUnited States Tax Court · 2017
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