E. K. Wood Lumber Co. v. Commissioner
United States Board of Tax Appeals
1. Where oral negotiations for sale of timber land were commenced in 1917, followed by correspondence indicating further negotiations, the petitioner's board of directors authorized execution of deed on December 31, 1917, and deed was acknowledged and delivered and entire purchase price paid on January 2, 1918, as previously agreed, held, for income-tax purposes, the sale was completed in 1918. 2. Current profits, or profits earned during the taxable year, are not includable…
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1. Where oral negotiations for sale of timber land were commenced in 1917, followed by correspondence indicating further negotiations, the petitioner's board of directors authorized execution of deed on December 31, 1917, and deed was acknowledged and delivered and entire purchase price paid on January 2, 1918, as previously agreed, held, for income-tax purposes, the sale was completed in 1918. 2. Current profits, or profits earned during the taxable year, are not includable in invested capital for such year. 3. Held that the transfer of property on which petitioner claims a loss was a bona…
1Opinion of the Court
*1022OPINION.
McMahon:
The petitioner has waived assignments of error numbered 2 and 3 under Docket No. 24156. The determination of the respondent on those points will therefore not be disturbed.
With regard to assignment of error numbered 4 under Docket No. 24156, the parties have stipulated that the respondent erroneously included in the petitioner’s income for 1918 the amount of $2,183, representing dividends, and the amount of $5,432.40, representing interest from United States obligations. In accordance with the stipulation, adjustment will be made under Bule 50.
The petitioner also waived…
2Cases cited24 opinions
- Poe v. SeabornSupreme Court of the United States · 1930
- Burnet v. LoganSupreme Court of the United States · 1931
- Burgess v. SeligmanSupreme Court of the United States · 1883
- United States v. IshamSupreme Court of the United States · 1873
- Kuhn v. Fairmont Coal Co.Supreme Court of the United States · 1910
19 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
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- W. M. Ritter Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1934