Fraser v. Commissioner
United States Board of Tax Appeals
1. Carrying charges for a period prior to March 1, 1913, may not be added to cost of property acquired prior thereto in determining cost or other basis for computing gain or loss on sale of the property. 2. The depreciated March 1, 1913, value of property acquired prior thereto, determined, and, being in excess of cost, held, basis for determining gain on sale.
1Opinion of the Court
*347OPINION.
Milliken :
Petitioner seeks to add carrying charges, such as interest and taxes, paid prior to March 1,1913, to the. cost of the property, for the purposes of determining gain or loss on the sale.' We have heretofore ruled on this question adversely to his contention. Appeal of Ottawa Park Realty Co., 5 B. T. A. 474.
■ The deficiencies in question should be. recomputed. The fair market price or value of the property on March 1, 1913, was $19,500 and depreciation on the building value of $1,507.50 should be subtracted from such value for purpose of determining gain resulting from the…
2Cited by4 opinions
- Southern Ry. v. CommissionerUnited States Board of Tax Appeals · 1933
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- Fraser v. CommissionerUnited States Board of Tax Appeals · 1927
- Southern Ry. v. CommissionerUnited States Board of Tax Appeals · 1933