- 7 -
conclude that the relationship between the Kramers and Whitehouse
is irrelevant because Whitehouse was seeking only to dispose of a
capital asset when it sold the lots. See, e.g., Estate of Mundy
v. Commissioner, 36 T.C. 703 (1961) (holding that the activities
of a taxpayer, including the activities of an agent imputed to
the taxpayer, taken together with all other facts, must place the
taxpayer in a business so that the property in question can be
said to be held by the taxpayer for sale to customers in his
business); cf. Kaltreider v. Commissioner, supra (noting that the
taxpayers sold property to their closely held corporation to
develop and sell); Bauschard v. Commissioner, 31 T.C. 910 (1959)
(holding that the taxpayer's activities were sufficient to place
him in the real estate development business), affd. 279 F.2d 115
(6th Cir. 1960).
Contentions we have not addressed are irrelevant, moot, or
meritless.
To reflect the foregoing,
Decision will be entered
under Rule 155.
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Last modified: May 25, 2011