Ferguson v. Commissioner of Internal Revenue

PHILLIPS, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals. The material facts, which were stipulated before the Board, are these:

In 1923 petitioner was the owner of 1,690 acres of land in Woodward County, Oklahoma. In that year such land was damaged by floods. The cost of the land was $38,280.-67. The fair market value thereof immediately after the floods, due to such damage, was reduced to $5,130.

In 1923 petitioner was also the owner of 200 acres of land in Sumner County, Kansas. In that year such land was damaged by floods. The cost of the land yras…