Podell v. Commissioner
United States Tax Court
The oral agreements entered into between petitioner Hyman Podell and a real estate operator in 1964 and 1965 established a joint venture for the purpose of purchasing, renovating, and selling certain residential real estate in the ordinary course of its trade or business. Held, amounts received by the petitioner on the sale of certain real estate are taxable as ordinary income under sec. 61.
1Opinion of the Court
Qixealx, Judge:
The respondent determined deficiencies in the Federal income tax due from the petitioner as follows:
Tear Deficiency
1964 _$1,277.99
1965 _ 508.48
The only question presented for decision is whether amounts received by petitioner on the sale of certain real estate are taxable as ordinary income under section 611 or as capital gain.
FINDINGS OF FACT
Some of the facts have been stipulated. The stipulation of facts and exhibits attached thereto are incorporated herein by tills reference.
Hyman Podell and Henrietta Podell,2 the petitioners, are husband and wife. At the time the petition…
2Cases cited13 opinions
- Tompkins v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1938
- Clark v. SidwaySupreme Court of the United States · 1892
- Blackner v. McDermottCourt of Appeals for the Tenth Circuit · 1949
- Estate of Freeland v. CommissionerCourt of Appeals for the Ninth Circuit · 1968
- Haley v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1953
8 more not listed; retrieve them via the Exa API.
3Cited by50 opinions
- Brannen v. CommissionerUnited States Tax Court · 1982
- Goodwin v. CommissionerUnited States Tax Court · 1980
- Leahy v. CommissionerUnited States Tax Court · 1986
- Miller v. CommissionerUnited States Tax Court · 1978
- Bennett Paper Corp. & Subsidiaries v. CommissionerUnited States Tax Court · 1982
45 more not listed; retrieve them via the Exa API.