Biscayne Bay Islands Co. v. Commissioner (A)
United States Board of Tax Appeals
1. The cost to a corporation of a tract of land acquired for its entire stock, for computing gain or loss from subsequent sales of lots carved therefrom, is to be determined upon the basis of the fair market value of the land when acquired; and the finding of such fair market value is made upon the entire evidence, consisting of earlier transactions in other property, later sales of the stock and of some of the lots, opinions of witnesses, and detailed circumstances of the…
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1. The cost to a corporation of a tract of land acquired for its entire stock, for computing gain or loss from subsequent sales of lots carved therefrom, is to be determined upon the basis of the fair market value of the land when acquired; and the finding of such fair market value is made upon the entire evidence, consisting of earlier transactions in other property, later sales of the stock and of some of the lots, opinions of witnesses, and detailed circumstances of the acquisition and the plans and expectations of the promoters of the venture. 2. Where a tract of land is purchased and…
1Opinion of the Court
BISCAYNE BAY ISLANDS COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Biscayne Bay Islands Co. v. Commissioner (A)
Docket Nos. 27616, 35098, 40147.
United States Board of Tax Appeals
23 B.T.A. 731; 1931 BTA LEXIS 1834;
June 16, 1931, Promulgated
1. The cost to a corporation of a tract of land acquired for its entire stock, for computing gain or loss from subsequent sales of lots carved therefrom, is to be determined upon the basis of the fair market value of the land when acquired; and the finding of such fair market value is made upon the entire evidence, consisting of earlier…
2Cases cited7 opinions
- Cornelius Cotton Mills v. CommissionerUnited States Board of Tax Appeals · 1926
- Ziegler v. CommissionerUnited States Board of Tax Appeals · 1924
- Cullinan v. CommissionerUnited States Board of Tax Appeals · 1927
- Key Largo Shores Properties, Inc. v. CommissionerUnited States Board of Tax Appeals · 1930
- Biscayne Bay Islands Co. v. Commissioner (A)United States Board of Tax Appeals · 1931
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