Osborn v. United States

WHALEY, Judge.

The sole question involved in this ease is the fair market value of a tract of land as of March 1, 1913. Prior to 1913 the plaintiff was the owner of certain real property on the outskirts of the city of Lansing, Mich., more particularly described in the special findings of fact.

During the year 1919 the plaintiff sold the tract of land and made his income tax return for that year in which he placed the fair market value of the property as of March 1, 1913, at $100,000. Upon an audit of the income tax return of the plaintiff, the Commissioner of Internal Revenue reduced the fair…