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Article Date:
August 2009


Word Count:
680

 

 

IRS Loses On Subdivision of Lots


If you subdivide some land into lots and sell those lots at a profit, is your profit a capital gain or ordinary income?

 

That was the question that this court case had to resolve.

 

Bruce and Donna Rice reported more than $1 million a year in income from their business, which designs and administers 401(k) plans and manages investments for trust instruments, 401(k) plans, and individuals.

 

The Land

 

To celebrate the success of their business, Mr. and Mrs. Rice wanted to build the home ... Log in to view full article.

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