Watson v. Commissioner
United States Board of Tax Appeals
Under the facts and circumstances here the practical effect of the things done constituted a sale of the petitioner's properties for tax purposes, irrespective of a so-called "lease and option agreement" entered into purporting to lease said properties for a term of months with an option to purchase upon expiration of the term for the nominal sum of $1.
1Opinion of the Court
A. B. WATSON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Watson v. Commissioner
Docket No. 33307.
United States Board of Tax Appeals
24 B.T.A. 466; 1931 BTA LEXIS 1638;
October 26, 1931, Promulgated
Under the facts and circumstances here the practical effect of the things done constituted a sale of the petitioner's properties for tax purposes, irrespective of a so-called "lease and option agreement" entered into purporting to lease said properties for a term of months with an option to purchase upon expiration of the term for the nominal sum of $1.
Warren Libby, Esq., for the…
2Cases cited1 opinion
- Watson v. CommissionerUnited States Board of Tax Appeals · 1931