[Download] "Vestal v. United States" by United States Court of Appeals for the Eighth Circuit # eBook PDF Kindle ePub Free
eBook details
- Title: Vestal v. United States
- Author : United States Court of Appeals for the Eighth Circuit
- Release Date : January 12, 1974
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 52 KB
Description
Order ON PETITION FOR REHEARING On petition for rehearing and suggestion for rehearing en banc taxpayers-Vestals contend our decision conflicts with Diamond v. Commissioner, 492 F.2d 286 (7th Cir. 1974), affirming 56 T.C. 530 (1971). Although Diamond was not cited to us previously, we do not find that decision inconsistent with our holding in Vestal. In Diamond, the taxpayer was a mortgage broker who, along with a third party who held a contract to purchase an office building, agreed in 1961 to purchase and operate the building as a joint venture. They consummated the purchase in February, 1962, and shortly thereafter Diamond sold his interest for $40,000, and sought to account for these proceeds as a short term capital gain on his 1962 income tax return. The Seventh Circuit, in agreement with the Tax Court, rejected the plaintiff's contention and held the sum to be ordinary income. The Seventh Circuit also stated that even if capital gain treatment were appropriate, no gain had occurred for, as the Tax Court determined, the value of Diamond's partnership interest as received on February 18, 1962, and as sold a few weeks later, amounted to $40,000.
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