US Tax Court Decision – Shea Homes, Inc.

SHEA HOMES, INC. AND SUBSIDIARIES, ET AL.,1 Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent

Docket Nos. 29271-09, 1400-10,

Filed February 12, 2014.

Full text of court decision:

Shea Homes, Inc – U.S. Tax Court Decision full text in .pdf

Conclusion:
SHI, SHLP, and Vistancia are permitted to report income and loss from the
sales of homes in their planned developments using the completed contract
method of accounting as consistent with this Opinion.24