Rev. Rul. 69-536
Rev. Rul. 69-536; 1969-2 C.B. 109
DOCUMENT ATTRIBUTES
- Cross-Reference
26 CFR 1.471-1: Need for inventories.
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
Citations: Rev. Rul. 69-536; 1969-2 C.B. 109
Amplified by Rev. Rul. 86-149
A taxpayer is engaged in the real estate business and holds real estate for sale to customers.
Held, the taxpayer in computing taxable income is not permitted to inventory real estate held for sale. See Atlantic Coast Realty Co. v. Commissioner, 11 B.T.A. 416 (1928).
O.D. 848, C.B. 4, 47 (1921), is superseded since the position stated therein is restated under the current statute and regulations in this Revenue Ruling.
1 Prepared pursuant to Rev. Proc. 67-6, C.B. 1967-1, 576.
DOCUMENT ATTRIBUTES
- Cross-Reference
26 CFR 1.471-1: Need for inventories.
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
