Camp v. Commissioner
United States Board of Tax Appeals
INCOME - SALE OF LAND. - In 1918 petitioner made a bona fide sale of land to his son pursuant to a verbal agreement. The son took possession and both parties abided by their agreement, though petitioner did not execute a deed to his son, who agreed to sell at a profit in 1920. Petitioner executed the deed to the subsequent purchaser and received the consideration, but accounted therefor to his son, thus completing the verbal transaction.
Read the full summary
INCOME - SALE OF LAND. - In 1918 petitioner made a bona fide sale of land to his son pursuant to a verbal agreement. The son took possession and both parties abided by their agreement, though petitioner did not execute a deed to his son, who agreed to sell at a profit in 1920. Petitioner executed the deed to the subsequent purchaser and received the consideration, but accounted therefor to his son, thus completing the verbal transaction. The respondent objected to the validity of the sale as being within the operation of the statute of frauds. Held that the respondent, who was not in privity…
1Opinion of the Court
FRANCIS M. CAMP, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Camp v. Commissioner
Docket No. 16618.
United States Board of Tax Appeals
21 B.T.A. 962; 1930 BTA LEXIS 1767;
December 29, 1930, Promulgated
INCOME - SALE OF LAND. - In 1918 petitioner made a bona fide sale of land to his son pursuant to a verbal agreement. The son took possession and both parties abided by their agreement, though petitioner did not execute a deed to his son, who agreed to sell at a profit in 1920. Petitioner executed the deed to the subsequent purchaser and received the consideration, but accounted…
2Cases cited1 opinion
- Camp v. CommissionerUnited States Board of Tax Appeals · 1930