Carolina Light & Power Co. v. Commissioner
United States Board of Tax Appeals
The petitioner in 1905 purchased a piece of real estate for $2,500 for the purpose of erecting an ice plant on it, in the event the drilling of a well thereon would supply sufficient water.
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The petitioner in 1905 purchased a piece of real estate for $2,500 for the purpose of erecting an ice plant on it, in the event the drilling of a well thereon would supply sufficient water. A well was drilled thereon, proved a failure, was capped, never used, added no value to the real estate, and the project of erecting the ice plant was in the same year abandoned, the cost of drilling the well being then ascertained to be $5,396.99. In 1916 petitioner made an agreement with one Carroll to sell the property to him for $1,500, of which $150 was to be paid cash, the same amount in one year,…
1Opinion of the Court
CAROLINA LIGHT AND POWER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Carolina Light & Power Co. v. Commissioner
Docket No. 43005.
United States Board of Tax Appeals
23 B.T.A. 140; 1931 BTA LEXIS 1921;
May 11, 1931, Promulgated
The petitioner in 1905 purchased a piece of real estate for $2,500 for the purpose of erecting an ice plant on it, in the event the drilling of a well thereon would supply sufficient water. A well was drilled thereon, proved a failure, was capped, never used, added no value to the real estate, and the project of erecting the ice plant was in the same…
2Cases cited1 opinion
- Carolina Light & Power Co. v. CommissionerUnited States Board of Tax Appeals · 1931