Legal Opinion
Victory Housing No. 2, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the Tenth Circuit
Decided June 12, 1953No. 4592_1PublishedCited by 37 opinions
1Opinion of the Court
HUXMAN, Circuit Judge.
The question in this case is whether the gain realized from the sale of 42 housing units by petitioner during a six months period during the fiscal year ending in 1946 was taxable as a capital gain under section 117 (a, j) of the Internal Revenue Code, 26 U.S.C.A., or as ordinary income under section 22(a). The Tax Court held that these units were held primarily for sale to customers in the ordinary course of petitioner’s business and the gain realized from their sale was ordinary income and taxable as such. This appeal challenges the correctness of that conclusion.
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2Cases cited2 opinions
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Farley v. CommissionerUnited States Tax Court · 1946
3Cited by37 opinions
- Galena Oaks Corporation v. Frank Scofield, Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1954
- Louis Greenspon v. Commissioner of Internal Revenue, (Three Cases). Anna Greenspon v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1956
- Nathan D. Goldberg and S. E. Wood, Jr. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Home Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1954
- Alice E. Cohn, Marion A. Cohn, Daniel E. Cohn, and Edgar M. Cohn v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
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