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Income Tax Keyed to Bankman
Biedenharn Realty Co. v. United States
Citation:
526 F.2d 409 (5th Cir.), cert. denied, 429 U.S. 819 (1976)Facts
Biedenharn Realty Co. was organized in 1923 to hold and manage family investments. In 1935, Biedenharn purchased a 973-acre plantation and began developing and farming on the land. Over the span of 1939-1966, residential subdivisions were carved off from the plantation resulting in 158 separate sales of 208 different lots. In a pre-1964 settlement with the government, Biedenharn agreed to treat 60% of the gain as ordinary income and the remaining 40% as capital gain. From 1964 to 1966, Biedenharn continued to report its income under the same arrangement but the Commissioner of Internal Revenue asserted a deficiency, finding that 100% of Biedenharn’s profits constituted ordinary income and none were capital gains.
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