Shea Homes, Inc. v. Commissioner
United States Tax Court
Corporation C and partnerships S and V develop large, planned residential communities. They develop the land and construct homes and common improvements, including amenities. For the years at issue they reported income from their contracts for the sale of homes using the completed contract method of accounting.
Read the full summary
Corporation C and partnerships S and V develop large, planned residential communities. They develop the land and construct homes and common improvements, including amenities. For the years at issue they reported income from their contracts for the sale of homes using the completed contract method of accounting. Under their interpretation of this method of accounting, their contracts are complete when they meet the use and 95% test pursuant to sec. 1.460-1(c)(3)(i)(A), Income Tax Regs., and incur 95% of the costs of the development. They contend that final completion and acceptance pursuant to…
1Opinion of the Court
Wherry, Judge:
These consolidated cases are before the Court on a petition for redetermination of deficiencies in income tax respondent determined for petitioner Shea Homes, Inc., and Subsidiaries’ 2004 and 2005 tax years; a petition for review of notices of final partnership administrative adjustment respondent issued for the 2004, 2005, and 2006 tax years of Shea Homes, LP; and a petition for review of notices of final partnership administrative adjustment respondent issued for the 2004 and 2005 tax years of Vistancia, LLC.
The ultimate issue for decision in these cases is whether Shea Homes,…
2Cases cited51 opinions
- Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc.Supreme Court of the United States · 1984
- Welch v. HelveringSupreme Court of the United States · 1933
- Auer v. RobbinsSupreme Court of the United States · 1997
- Bowen v. Georgetown University HospitalSupreme Court of the United States · 1988
- Food & Drug Administration v. Brown & Williamson Tobacco Corp.Supreme Court of the United States · 2000
46 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Shea Homes, Inc. & Subsidiaries v. CommissionerCourt of Appeals for the Ninth Circuit · 2016
- Howard Hughes Co., LLC v. Comm'rUnited States Tax Court · 2014
- Howard Hughes Co., LLC v. Comm'rUnited States Tax Court · 2014
- Shea Homes, Inc. & Subsidiaries v. CommissionerCourt of Appeals for the Ninth Circuit · 2016
- Shea Homes, Inc. And Subsidiaries v. CommissionerUnited States Tax Court · 2014
1 more not listed; retrieve them via the Exa API.