FRISCHKORN DEV. CO. v. COMMISSIONER
United States Board of Tax Appeals
1. A promissory note and certain shares of stock held to have had a readily realizable market value. 2. The fair market value of the note and stock determined. 3. In order to avail itself of the benefit of section 203(b)(5) of the Revenue Act of 1924, it is not sufficient for a taxpayer to prove that subsequent to the receipt of money arising from a condemnation award it purchased other property similar and related in use, but it must trace such money into the payments for…
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1. A promissory note and certain shares of stock held to have had a readily realizable market value. 2. The fair market value of the note and stock determined. 3. In order to avail itself of the benefit of section 203(b)(5) of the Revenue Act of 1924, it is not sufficient for a taxpayer to prove that subsequent to the receipt of money arising from a condemnation award it purchased other property similar and related in use, but it must trace such money into the payments for the property purchased, and it is entitled to such benefit only to the extent that it has so traced the money.
1Opinion of the Court
OPINION.
Maequette:
These proceedings were consolidated. Docket Nos. 80496 and 42452 involve deficiencies in income tax for fiscal years ended June 80, as follows:
1923_ $647.89
1924_ 10,575.54
1925_ 1,439.52
1926_ 1,630.44
1927_ 1, 436. 02
Docket No. 35170 involves the liability of the petitioner as a transferee of the property of the Frischkorn Homes Co., hereafter referred to as the Homes Co., for a deficiency in income tax for the calendar year 1922 in the amount of $28,881.84 and a delinquency jienalty of $7,095.46. The petitioner admits its liability as a transferee of, but disputes the amount…
2Cases cited7 opinions
- Rock Island, Arkansas & Louisiana Railroad v. United StatesSupreme Court of the United States · 1920
- Haberland v. CommissionerUnited States Board of Tax Appeals · 1932
- Bliss v. CommissionerUnited States Board of Tax Appeals · 1933
- Chickasha Cotton Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Eastern Steamship Lines, Inc. v. CommissionerUnited States Board of Tax Appeals · 1929
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- FRISCHKORN DEV. CO. v. COMMISSIONERUnited States Board of Tax Appeals · 1934