Noell v. Commissioner
United States Tax Court
1. In 1968, petitioner sold a 15.987-acre tract located in Dallas County, Tex. Petitioner's basis in the tract depended on its value in March 1944 when he inherited his interest in the property. Held, the value of the 15.987-acre tract as of March 1944 determined. 2. Petitioner also had an interest in an 85-acre tract which he and his partner subdivided into 68 homesite lots and an adjoining airport runway with two main taxiways.
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1. In 1968, petitioner sold a 15.987-acre tract located in Dallas County, Tex. Petitioner's basis in the tract depended on its value in March 1944 when he inherited his interest in the property. Held, the value of the 15.987-acre tract as of March 1944 determined. 2. Petitioner also had an interest in an 85-acre tract which he and his partner subdivided into 68 homesite lots and an adjoining airport runway with two main taxiways. The resulting development is known as Air Park Estates, and its most important feature is that it allows homeowners to taxi their private aircraft along-side their…
1Opinion of the Court
Wilbur, Judge:
Respondent has determined a deficiency in petitioners’ Federal income tax for the taxable year 1968 in the amount of $10,927.81.
Several issues have been settled by the parties and the following issues remain for our decision:(1) Petitioners’ basis in a 15.987-acre tract of land sold in 1968.(2) Whether the petitioners’ basis in a main airport runway and two adjacent taxiways should be added to the basis of 68 subdivided lots in an 85-acre tract.(3) Whether petitioners are entitled to an investment tax credit in 1968 for their investment in the airport runway and two adjacent…
2Cases cited7 opinions
- Albert Gersten, Myron P. Beck and Ann H. Beck, Milton Gersten and Mary Gersten v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
- Colony, Inc. v. CommissionerUnited States Tax Court · 1956
- The Colony, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1957
- O'malley, Collector of Internal Revenue v. AmesCourt of Appeals for the Eighth Circuit · 1952
- Epstein v. CommissionerUnited States Tax Court · 1969
2 more not listed; retrieve them via the Exa API.
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- Armstrong World Industries, Inc., and Affiliated Companies v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1992
- Norwest Corp. v. Comm'rUnited States Tax Court · 1998
- Consumers Power Co. v. CommissionerUnited States Tax Court · 1987
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