Acacia Park Cemetery Asso. v. Commissioner
United States Board of Tax Appeals
A corporation sold cemetery lots under purchase agreements that "The purchase price hereof shall include perpetual care." Purchasers were advised that 10 per cent of the sale price of lots would be placed in a perpetual care fund, the income from which would be devoted to perpetual care of the cemetery.
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A corporation sold cemetery lots under purchase agreements that "The purchase price hereof shall include perpetual care." Purchasers were advised that 10 per cent of the sale price of lots would be placed in a perpetual care fund, the income from which would be devoted to perpetual care of the cemetery. In 1924 the petitioner deposited $6,500 in a trust fund, and agreed that additional amounts should be deposited in the fund; that the income should be used for perpetual care; and that any excess income should be turned over to the corporation for corporate purposes. No further amount was…
1Opinion of the Court
*237OPINION.
Smith:
In this proceeding the petitioner contends that the cost of the lots in each of the two sections to its cemetery was $100,000 greater than the amount allowed by the respondent in the determination of profits upon the sales. If this contention be denied, the petitioner contends that 10 per cent of the amount received from sales was received by it in trust and hence was no part of petitioner’s net income.
We are of the opinion that there is no merit in the petitioner’s contention that the cost of the lots sold was inclusive of an amount to be paid in by lot purchasers to provide…
2Cases cited3 opinions
- Chicago, Milwaukee & St. Paul Railway Co. v. Des Moines Union Railway Co.Supreme Court of the United States · 1920
- Chicago & C. Ry. v. DES MOINES & C. RYSupreme Court of the United States · 1920
- Faulds v. DillonMichigan Supreme Court · 1925
3Cited by8 opinions
- Memphis Memorial Park v. CommissionerUnited States Board of Tax Appeals · 1933
- Meadowlawn Memorial Gardens, Inc. v. United StatesUnited States Court of Claims · 1980
- Fairmount Cemetery Asso. v. CommissionerUnited States Board of Tax Appeals · 1934
- Hawaiian Cemetery Asso. v. CommissionerUnited States Tax Court · 1960
- Resthaven Memorial Cemetery v. CommissionerUnited States Board of Tax Appeals · 1934
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