Income Tax Keyed to Lind
Malat v. Riddell
Petitioner participated in a joint venture wherein he acquired a 45-acre tract of land. He contends it was bought with the intention of developing it with an apartment project. Respondents contends the property was for either rental or selling. The interior lots of the tract were sold and reported and taxed as ordinary income. The joint venture fell through for various reasons and Petitioner sold of his interests. He contends he is entitled to treat the profits as capital gains. Respondent contends that it is ordinary income.
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