Hunt v. Commissioner
United States Board of Tax Appeals
1. Petitioner was the owner as her own separate property of an undivided one-half interest in certain improved real estate lots in the city of Houston, Texas.
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1. Petitioner was the owner as her own separate property of an undivided one-half interest in certain improved real estate lots in the city of Houston, Texas. Her interest in three of these lots was acquired by gift from her mother in 1919. Her interest in the other lots was acquired under the will of her father, who died in 1902, and by gift from her mother in 1924. Petitioner sold her one-half interest in these lots on January 1, 1936. The depreciated cost of the improvements has been agreed upon. Held, that in computing her capital gain from such sale petitioner's basis for the undivided…
1Opinion of the Court
*834OPINION.
Black:
The first issue we have to decide is what wras petitioner’s basis of cost of the undivided one-half interest in property which she sold on January 1,1936, to T. P. Lee and his daughters for $200,000. The Commissioner in his computation of profit on this sale has treated the gains as capital gains and has taken into account the percentages provided by section 117 of the Revenue Act of 1936. Both parties are in agreement that this method is correct and, therefore, there is no issue on that score.
The parties are, however, in disagreement as to the basis which is to be used in…
2Cases cited5 opinions
- Helvering v. WinmillSupreme Court of the United States · 1938
- Spreckels v. CommissionerSupreme Court of the United States · 1942
- Sharp v. ZellerSupreme Court of Louisiana · 1902
- Teel v. BlairCourt of Appeals of Texas · 1910
- Dockery v. JohnstonCourt of Appeals of Texas · 1927
3Cited by19 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Towanda Textiles, Inc. v. United StatesUnited States Court of Claims · 1960
- United States v. General Bancshares Corporation, General Bancshares Corporation v. United StatesCourt of Appeals for the Eighth Circuit · 1968
- Powell v. CommissionerUnited States Tax Court · 1967
- A. L. Wasson and Wife, Mattie Pallmeyer Wasson v. United StatesCourt of Appeals for the Fifth Circuit · 1958
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