Jarret v. Commissioner
United States Tax Court
P, an attorney who also ran a real estate development business with B, purchased a parcel of land with B in 1985. One portion fronted on a public road; P and B divided this portion into 21 lots, which they sold. The other portion, the Backland, was unmarketable without further developmental work.
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P, an attorney who also ran a real estate development business with B, purchased a parcel of land with B in 1985. One portion fronted on a public road; P and B divided this portion into 21 lots, which they sold. The other portion, the Backland, was unmarketable without further developmental work. P and B performed such work over a 1-1/2 year period, and attended planning board meetings in order to obtain approval for a subdivision so that they could sell the Backland to a developer. They sold the Backland to a developer 1 month after they obtained such approval. Held: The Backland is not a…
1Opinion of the Court
ARAM P. JARRET, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Jarret v. Commissioner
Docket No. 4576-92
United States Tax Court
T.C. Memo 1993-516; 1993 Tax Ct. Memo LEXIS 527; 66 T.C.M. (CCH) 1224;
November 9, 1993, Filed
Decision will be entered under Rule 155.
P, an attorney who also ran a real estate development business with B, purchased a parcel of land with B in 1985. One portion fronted on a public road; P and B divided this portion into 21 lots, which they sold. The other portion, the Backland, was unmarketable without further developmental work. P and B performed such work…
2Cases cited22 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Neely v. CommissionerUnited States Tax Court · 1985
- Bixby v. CommissionerUnited States Tax Court · 1972
- Pallottini v. CommissionerUnited States Tax Court · 1988
- Bauschard v. CommissionerUnited States Tax Court · 1959
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