Wood v. Commissioner
United States Tax Court
1. Held, lots sold by petitioner during 1950 and 1951 were held by him primarily for sale to customers in the ordinary course of his trade or business and the gains derived from such sales are taxable as ordinary income. 2. Held, discounts recovered on Michigan land contracts purchased by petitioner for less than their face amount and held to maturity are taxable as ordinary income.
1Opinion of the Court
OPINION.
Withey, Judge: Issue 1.
Respondent determined that gains realized by petitioner from real estate transactions during 1950 and 1951 are taxable as ordinary income on the ground that the property sold during those years was held by him primarily for sale to customers in the ordinary course of his trade or business. Petitioner contends that such income is properly taxable as long-term capital gains. The question presented is whether at the time of sale petitioner held each parcel of real estate “primarily for sale to customers in the ordinary course of his trade or business” within the…
2Cases cited9 opinions
- Thrift v. CommissionerUnited States Tax Court · 1950
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Dunlap, Acting Collector of Internal Revenue v. Oldham Lumber CoCourt of Appeals for the Fifth Circuit · 1950
- Osenbach v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1952
4 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Philbin v. CommissionerUnited States Tax Court · 1956
- Frankenstein v. CommissionerUnited States Tax Court · 1958
- Darby Inv. Corp. v. CommissionerUnited States Tax Court · 1962
- Gulftex Drug Co. v. CommissionerUnited States Tax Court · 1957
- Ehlers v. VinalCourt of Appeals for the Eighth Circuit · 1967
29 more not listed; retrieve them via the Exa API.