Suburban Realty Co. v. United States
United States Court of Appeals for the Fifth Circuit
615 F.2d 171 (1980)
- Written by Kelsey Libby, JD
Facts
In 1937, Suburban Realty Company (Suburban) (plaintiff) obtained a partial interest in 1,743 acres of land in Harris County, Texas. Between 1939 and 1971, Suburban sold 244 parcels of the land. In the late 1950s and early 1960s, Suburban withdrew certain plats and began contemplating the possibility of liquidating the business, but that did not happen. From 1968 through 1971, Suburban sold six parcels of the land, undeveloped. Suburban originally reported the sale proceeds as ordinary income but later sought a refund on the grounds that they should have been taxed as capital gains. The commissioner of internal revenue (defendant) denied Suburban’s refund claim, and Suburban filed suit. The district court dismissed the complaint, and Suburban appealed.
Rule of Law
Issue
Holding and Reasoning (Goldberg, J.)
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