Berryman v. Commissioner
United States Tax Court
Held, that a 1-percent undivided interest in certain land which petitioner owned as a tenant in common, was not at any time held by her primarily for sale to customers in the ordinary course of a trade or business within the meaning of section 1221 of the 1954 Code. Held, further, that the gain which she derived from an installment sale of most of such interest was long-term capital gain from the sale of a capital asset.
1Opinion of the Court
Katherine Anne Berryman, Petitioner, v. Commissioner of Internal Revenue, Respondent
Berryman v. Commissioner
Docket Nos. 82324, 83972
United States Tax Court
37 T.C. 45; 1961 U.S. Tax Ct. LEXIS 54;
October 17, 1961, Filed
Decisions will be entered for the petitioner.
Held, that a 1-percent undivided interest in certain land which petitioner owned as a tenant in common, was not at any time held by her primarily for sale to customers in the ordinary course of a trade or business within the meaning of section 1221 of the 1954 Code. Held, further, that the gain which she derived from an installment…
2Cases cited1 opinion
- Berryman v. CommissionerUnited States Tax Court · 1961