Boeing v. Commission
United States Board of Tax Appeals
1. Where timber lands were held for investment purposes and in order to liquidate his investment the owner contracted with logging companies to cut, remove, and sell the timber, held that the owner was not in the business of buying and selling timber and therefore the timber sold constituted capital assets within the meaning of section 117(b) of the Revenue Act of 1934. 2. The income of three trusts created by the petitioner held not taxable to the grantor under sections 166…
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1. Where timber lands were held for investment purposes and in order to liquidate his investment the owner contracted with logging companies to cut, remove, and sell the timber, held that the owner was not in the business of buying and selling timber and therefore the timber sold constituted capital assets within the meaning of section 117(b) of the Revenue Act of 1934. 2. The income of three trusts created by the petitioner held not taxable to the grantor under sections 166 or 167, Revenue Act of 1934, although one of them contained a possibility of reverter if the beneficiary should die…
1Opinion of the Court
*182OPINION.
ÁRundell:
The two issues are whether certain gains and losses from the sale of timber constitute gains and losses from the sale of capital assets as defined by the statute, and whether the income of the three trusts described in our findings of fact is taxable to the petitioner as grantor.
*183As to the first issue, the petitioner realized a gain of $5,906.25 during the taxable year from sales of timber pursuant to the contract with the Crescent Logging Co., and a loss of $1,004.41 from sales pursuant to the contract with the Greenwood Logging Co., and the question is whether these gains…
2Cases cited5 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- Stratton's Independence, Ltd. v. HowbertSupreme Court of the United States · 1913
- Helvering v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
- Becker v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
3Cited by20 opinions
- Boeing v. United StatesUnited States Court of Claims · 1951
- Commissioner of Internal Revenue v. BettsCourt of Appeals for the Seventh Circuit · 1941
- Canfield v. CommissionerUnited States Tax Court · 1960
- Reynolds v. CommissionerUnited States Tax Court · 1945
- Ayer v. CommissionerUnited States Board of Tax Appeals · 1941
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