-18- maintained. See Kesicki v. Commissioner, 34 T.C. 675, 678-679 (1960) (the taxpayer held property for investment even though he did not develop it before he sold it). Respondent contends that the fact that petitioner had held the lots since 19873 suggests that she held them primarily for investment. We disagree. A long holding period suggests property was held for investment; alone, however, it does not establish that a taxpayer held property for investment. See Suburban Realty Co. v. United States, 615 F.2d at 184-185 (the taxpayer's primary purpose for holding real estate up to 33 years was for sale to customers); United States v. Winthrop, supra at 907, 909, 911 (the taxpayer held lots up to 25 years for sale to customers); Walsh v. Commissioner, T.C. Memo. 1994-293 (income from the sale of a parcel of 13 acres a taxpayer had held for 13 years was ordinary income), affd. without published opinion (8th Cir., July 11, 1995); Tollis v. Commissioner, T.C. Memo. 1993-63 (the taxpayer's proceeds from the sale of 9 parcels of real property over an 8-year period were ordinary income; his decision to retire from the real estate business did not convert the parcels into capital assets), affd. without published opinion 46 F.3d 1132 (6th Cir. 1995); Herndon v. Commissioner, T.C. Memo. 3 Respondent does not contend that we should consider the fact that Hancock Enterprises held the lots from 1977 to 1986 in deciding if petitioner held them for sale to customers.Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
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