Retirement alone does not change intent
Article Abstract:
The 'Tollis' case proves that retirement from business is not enough ground to allow a real estate developer to hold property for investment which would automatically deem the gain on its sale as long-term capital gain. In the case, the developer bought a property which he intended to turn into residential housing. Upon retiring, he decided to sell the property but developed a portion of the land when the sale fell through. The remaining undeveloped land was later sold, which the developer argued is a sale of a capital asset, making it a long-term capital gain. The Sixth Circuit, however rejected the contention of the developer. The fact that he has never before sold undeveloped land is just one evidential piece in ascertaining the purpose of buying the land. Moreover, the court held that the decision to retire did not change the purpose for which the land was held.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1995
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Young developers make their mark
Article Abstract:
Real estate developers in Manchester, England, include Tom Bloxham from Urban Splash, a commercial and residential group geared to music and media firms. A major project is the Smithfield Buildings which will include loft apartments and retail outlets. Colin Shenton is Shenton Estate Co's managing director. He sees entry costs as lower in Manchester than in many parts of the UK due to lower prices. Shenton Estate Co's investment portfolio is worth 35 million pounds sterling.
Publication Name: Investors Chronicle
Subject: Business
ISSN: 0261-3115
Year: 1996
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Bosnia's 'city of peace' is promoted by Chicago PR pro
Article Abstract:
Hillcrest Real Estate and Development Co of Chicago, IL, has hired the services of veteran PR professional Herb Kraus to promote the construction of a city called Slobomir in what is now the Republic of Srpska, the region of Bosnia and Herzegovina that was formed from the Dayton peace accords. Slobomir, which is envisioned to ultimately have a population of 20,000, is an undertaking sponsored by Hillcrest owners Slobodan and Mira Pavlovic.
Publication Name: O'Dwyer's PR Services Report
Subject: Business
ISSN: 1043-2957
Year: 2000
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