Income Tax Keyed to Lind
Mauldin v. Commissioner
Petitioner, C.E. Mauldin, bought a piece of property outside Clovis, New Mexico for the cattle business. He decided against the cattle business and ended up selling the property by dividing it into tracts. Very few lots sold for many years until the city decided to pave the area. Petitioner was charged for the paving and he began aggressively selling the tracts to pay for the paving indebtedness. After paying off the city, he held on to the rest of the lots. From 1940 to 1949 he devoted all of his time to his lumber business. He sold some of the more valuable lots that remained in 1944 and 1945. He reported the gains from these lots as long-term capital assets. The Commissioner determined that the gains were ordinary income. The Tax Court sustained the Commissioner’s ruling. Petitioner argues that after 1940 he was no longer engaged in the business of selling the tracts, but he was in the lumber business only.
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