A. Benetti Novelty Co. v. Commissioner
United States Tax Court
Upon the facts, held, petitioner held the property involved primarily for rental rather than for sale, and hence it is entitled to treat the gains from the sale of such property as capital gains. Sec. 117 (j), I. R. C.
1Opinion of the Court
OPINION.
Hill, Judge:
Respondent determined deficiencies as follows:
Year Tax Deficiency
1943 Excess profits tax,.. $6,630.67
1944 Declared value excess profits tax, 156.10
Excess profits tax.,.. 1.879.78
1945 Declared value excess profits tax. 377.54
Excess profits tax,.. 4.624.79
Based upon certain stipulated amounts, petitioner concedes an uncomputed part of the deficiencies determined for 1943 and 1945. The question for decision is, Did respondent err in determining that the profit from the sale of certain machines which petitioner sold during the taxable years was ordinary income rather than long…
2Cases cited2 opinions
- Emerson v. CommissionerUnited States Tax Court · 1949
- Wibbelsman v. CommissionerUnited States Tax Court · 1949
3Cited by17 opinions
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- SEC CORPORATION v. United StatesDistrict Court, S.D. New York · 1956
- Latimer-Looney Chevrolet, Inc. v. CommissionerUnited States Tax Court · 1952
- Edwards v. CommissionerUnited States Tax Court · 1959
- McCullough Transfer Co. v. CommissionerUnited States Tax Court · 1957
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