[DOWNLOAD] "Thomas v. Commissioner of Internal Revenue" by United States Court Of Appeals Fifth Circuit. # eBook PDF Kindle ePub Free

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eBook details

• Title: Thomas v. Commissioner of Internal Revenue
• Author : United States Court Of Appeals Fifth Circuit.
• Release Date : January 17, 1958
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 63 KB

Description

The appellants, Robert Thomas, sometimes here called the taxpayer, and his wife, Susan B. Thomas, filed a joint income tax return for 1950.We have for review a determination of their tax liability for that year made by the Tax Court. Thomas v. Commissioner, 28 T.C. 1. The taxpayer grew up in the phosphate producing area of Florida and, over the years, acquired a knowledge of phosphate, the manner of locating it, and an acquaintance with the phosphate prospectors of the vicinity. In 1946 he was released from active duty with the Navy and took over the operation of a ranch of nearly twelve thousand acres owned by his father. This ranch he purchased in 1948.In the latter part of 1947 the taxpayer became a registered real estate broker and had his name on the door of the office of his father, who was an active real estate broker, and had a desk in his fathers office. He was not associated with his father in the real estate brokerage business and, except for the transactions here discussed, the taxpayer did not engage in the business of real estate broker.

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