Redlands Sec. Co. v. Commissioner
United States Board of Tax Appeals
Rates of depreciation to be used or to be considered in determining gain resulting from sale of orange orchards determined.
1Opinion of the Court
*957OPINION.
Lansdon:
The parties agree that this orange grove is a depreciable asset. It follows, therefore, that the owner of such a grove is entitled to deduct annually from gross income a reasonable allowance on account of depreciation, which must also be included as a factor in computing the gain or loss resulting from the sale of such property. The Commissioner properly considered accrued depreciation of the petitioner’s orange groves at the date of sale as an element in computing gain or loss resulting from such sale. Appeals of Even Realty Co., 1 B. T. A. 355; J. J. Gray, Jr., 2 B. T. A.…
2Cited by5 opinions
- La Croix v. CommissionerUnited States Tax Court · 1974
- Fajardo Roger v. Tax Court of Puerto RicoSupreme Court of Puerto Rico · 1956
- Fajardo Roger v. Tribunal de Contribuciones de Puerto RicoSupreme Court of Puerto Rico · 1956
- La Croix v. CommissionerUnited States Tax Court · 1974
- Redlands Sec. Co. v. CommissionerUnited States Board of Tax Appeals · 1926