Chapman v. Commissioner
United States Board of Tax Appeals
In the early part of 1925 the petitioner sold certain real estate owned by him for $70,000, receiving in payment therefor $17,000 in cash and four promissory notes for $13,250 each, payable in one, two, three, and four years from date and which were secured by a first mortgage on the property sold.
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In the early part of 1925 the petitioner sold certain real estate owned by him for $70,000, receiving in payment therefor $17,000 in cash and four promissory notes for $13,250 each, payable in one, two, three, and four years from date and which were secured by a first mortgage on the property sold. Later and during 1925 the petitioner, in part payment of certain other real estate purchased by him about that time, transferred at their face value the two notes having the latest maturity dates. Held that the petitioner is not entitled to report the profit realized from the sale of the property…
1Opinion of the Court
E. E. CHAPMAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Chapman v. Commissioner
Docket No. 40036.
United States Board of Tax Appeals
19 B.T.A. 878; 1930 BTA LEXIS 2314;
May 8, 1930, Promulgated
In the early part of 1925 the petitioner sold certain real estate owned by him for $70,000, receiving in payment therefor $17,000 in cash and four promissory notes for $13,250 each, payable in one, two, three, and four years from date and which were secured by a first mortgage on the property sold. Later and during 1925 the petitioner, in part payment of certain other real estate…
2Cases cited1 opinion
- Chapman v. CommissionerUnited States Board of Tax Appeals · 1930