Godbold v. Commissioner
United States Tax Court
In 1966, petitioners executed a contract covering a period of 62 years for the sale of timber to a timber cutting company. The agreement provided for quarterly fixed payments to petitioners for the sale of 640 cords of wood per year, with payments to be made whether or not any timber was cut. Petitioners retained title to the timber, paid taxes on it, and bore the risk of loss until it was cut.
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In 1966, petitioners executed a contract covering a period of 62 years for the sale of timber to a timber cutting company. The agreement provided for quarterly fixed payments to petitioners for the sale of 640 cords of wood per year, with payments to be made whether or not any timber was cut. Petitioners retained title to the timber, paid taxes on it, and bore the risk of loss until it was cut. A cord credit account was maintained by the purchaser under which petitioners were credited with a minimum of 640 cords per year and debited as the timber was cut. Petitioners were compensated for any…
1Opinion of the Court
Percy E. Godbold, Jr., and Grace F. Godbold, Petitioners v. Commissioner of Internal Revenue, Respondent
Godbold v. Commissioner
Docket No. 18123-80
United States Tax Court
82 T.C. 73; 1984 U.S. Tax Ct. LEXIS 124; 82 T.C. No. 7;
January 9, 1984, Filed
Decision will be entered under Rule 155.
In 1966, petitioners executed a contract covering a period of 62 years for the sale of timber to a timber cutting company. The agreement provided for quarterly fixed payments to petitioners for the sale of 640 cords of wood per year, with payments to be made whether or not any timber was cut. Petitioners…
2Cases cited10 opinions
- Larry Bonner v. City of Prichard, AlabamaCourt of Appeals for the Eleventh Circuit · 1981
- Milton Dyal v. United StatesCourt of Appeals for the Fifth Circuit · 1965
- Ah Pah Redwood Company, a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1957
- Lawton v. CommissionerUnited States Tax Court · 1959
- Ah Pah Redwood Co. v. CommissionerUnited States Tax Court · 1956
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