J. J. White Lumber Co. v. Commissioner
United States Board of Tax Appeals
The fair market value on March 1, 1913, of a tract of timber must be determined on the basis of what was then believed to be the timber content of the tract rather than on what was later discovered to have been the actual content.
1Opinion of the Court
OPINION.
MuRdock :
This proceeding deals with the petitioner’s tax liability of 1924, for which year the Commissioner determined a deficiency of $8,033 94. The petitioner contends that the Commissioner has allowed inadequate deductions for depletion and depreciation due to his understatement of the March 1, 1913, value of certain timber and his overstatement of the salvage value of certain physical assets.
Counsel for the parties have filed a stipulation and they agree that with the figures thus agreed upon, a proper allowance for the *275deductions in question can be computed if the Board…
2Cited by10 opinions
- W. M. Ritter Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- McCahill v. CommissionerUnited States Board of Tax Appeals · 1934
- Klukwan, Inc. v. CommissionerUnited States Tax Court · 1994
- Rust-Owen Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- J. J. White Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1931
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