[DOWNLOAD] "Land v. Commissioner of Internal Revenue" by United States Court Of Appeals Fifth Circuit. # eBook PDF Kindle ePub Free
eBook details
- Title: Land v. Commissioner of Internal Revenue
- Author : United States Court Of Appeals Fifth Circuit.
- Release Date : January 12, 1957
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 61 KB
Description
Crowell Land and Mineral Corporation petitions for a review of a decision of the Tax Court, three judges dissenting, sustaining the Commissioner in assessing against it for the year 1949 an income tax deficiency in the amount of $1,839.12. The majority concluded that Crowells income in that year of $14,147.04, derived from sand and gravel removed from its lands pursuant to a written contract of sale by it as "vendor" with full warranty of title to GiffordHill and Company, Inc., as "vendee", was taxable as ordinary income rather than as gain derived from the sale of a capital asset, as Crowell had reported it.