Huntington v. Commissioner
United States Board of Tax Appeals
Where one who has sold a tract of land on the deferred-payment plan and has so returned for tax the gain arising from the sale, and where after the sale had been completed, entered into a contract with certain of his children to whom he had attempted to make oral gifts of parts of the land sold whereby he irrevocably assigned to each child that part of each purchase-money note which represented the part of the sale price of the tract attempted to be given, and by the terms…
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Where one who has sold a tract of land on the deferred-payment plan and has so returned for tax the gain arising from the sale, and where after the sale had been completed, entered into a contract with certain of his children to whom he had attempted to make oral gifts of parts of the land sold whereby he irrevocably assigned to each child that part of each purchase-money note which represented the part of the sale price of the tract attempted to be given, and by the terms of the contract agreed to and did place the notes in the possession of a bank, the bank to pay each child his part, held…
1Opinion of the Court
*854OPINION.
Mxlliken :
The parties have agreed that the sale by petitioners in the year 1921 to the Long-Bell Lumber Co. was an installment sale as that term is defined in section 212(d) and section 1208 of the *855Revenue Act of 1926 and that petitioners properly reported on their tax returns the income arising in that year in such manner. Counsel for respondent also conceded that the gift to Roma was completed and, since the gift was made prior to the negotiations with the Long-Bell Lumber Co., that any gain mad£ on the sale of the tract belonging to Roma should not be taxed to petitioner.
This…
2Cases cited7 opinions
- Gould v. GouldSupreme Court of the United States · 1917
- Shwab v. DoyleSupreme Court of the United States · 1922
- Standard Oil Co. (Indiana) v. United StatesSupreme Court of the United States · 1931
- Eidman v. MartinezSupreme Court of the United States · 1902
- Rensselaer & S. R. v. IrwinCourt of Appeals for the Second Circuit · 1918
2 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- American Offshore, Inc. v. CommissionerUnited States Tax Court · 1991
- John A. Nelson Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- American Offshore, Inc. v. CommissionerUnited States Tax Court · 1991
- Ferguson v. CommissionerUnited States Board of Tax Appeals · 1936
- Huntington v. CommissionerUnited States Board of Tax Appeals · 1929
3 more not listed; retrieve them via the Exa API.