Camp Wolters Enterprises v. Commissioner
United States Tax Court
The Dennis Group purchased the Camp Wolters land (then under lease to the United States) along with restoration rights applicable to that land. It also concluded a "contract" with the United States to purchase the Camp Wolters buildings and improvements in return for $ 412,500 in cash and release of the restoration rights.
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The Dennis Group purchased the Camp Wolters land (then under lease to the United States) along with restoration rights applicable to that land. It also concluded a "contract" with the United States to purchase the Camp Wolters buildings and improvements in return for $ 412,500 in cash and release of the restoration rights. The group then formed petitioner, conveyed the land to petitioner for $ 151,336.88 in land notes, and assigned the "contract" and restoration rights to petitioner for $ 1,424 in cash and $ 411,080.20 in building notes. Petitioner paid the United States the $ 412,500,…
1Opinion of the Court
Camp Wolters Enterprises, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Camp Wolters Enterprises v. Commissioner
Docket No. 35561
United States Tax Court
22 T.C. 737; 1954 U.S. Tax Ct. LEXIS 153;
June 30, 1954, Filed. June 30, 1954, Filed
Decision will be entered under Rule 50.
The Dennis Group purchased the Camp Wolters land (then under lease to the United States) along with restoration rights applicable to that land. It also concluded a "contract" with the United States to purchase the Camp Wolters buildings and improvements in return for $ 412,500 in cash and release of the…
2Cases cited16 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Helvering v. WattsSupreme Court of the United States · 1935
- Solt v. CommissionerUnited States Tax Court · 1952
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