Brown Lumber Co. v. Commissioner
United States Board of Tax Appeals
1. Title to property passes when the parties so intend. Legal rules as to when title passes on f.o.b. shipments are merely aids for ascertaining intention and must yield when the intention of the parties conflicts with the presumption created by the rule. 2. Circumstances surrounding contracts held sufficient to show intent of parties that title should pass to buyer, as to one contract, insufficient to show such intent as to other contract. 3. Petitioner may include in its…
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1. Title to property passes when the parties so intend. Legal rules as to when title passes on f.o.b. shipments are merely aids for ascertaining intention and must yield when the intention of the parties conflicts with the presumption created by the rule. 2. Circumstances surrounding contracts held sufficient to show intent of parties that title should pass to buyer, as to one contract, insufficient to show such intent as to other contract. 3. Petitioner may include in its inventory only such property to which it had title in the year in question. 4. No abnormality requiring computation of…
1Opinion of the Court
BROWN LUMBER CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Brown Lumber Co. v. Commissioner
Docket No. 12703.
United States Board of Tax Appeals
9 B.T.A. 719; 1927 BTA LEXIS 2530;
December 20, 1927, Promulgated
1. Title to property passes when the parties so intend. Legal rules as to when title passes on f.o.b. shipments are merely aids for ascertaining intention and must yield when the intention of the parties conflicts with the presumption created by the rule.
2. Circumstances surrounding contracts held sufficient to show intent of parties that title should pass to buyer, as to…
2Cases cited1 opinion
- Brown Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1927