Foster v. Commissioner
United States Board of Tax Appeals
1. TIMBER CONTRACT. - Where the owner of standing timber in Texas entered into a contract to sell it and the vendee agreed to cut, remove and pay for it as removed within a specified time, the title to the timber remained in the vendor until cut, and where the vendor died pending the performance of the contract his devisees inherited the timber subject to the contract. 2. GAIN OR LOSS. - The basis for computation of gain or loss on the timber is the difference between the…
Read the full summary
1. TIMBER CONTRACT. - Where the owner of standing timber in Texas entered into a contract to sell it and the vendee agreed to cut, remove and pay for it as removed within a specified time, the title to the timber remained in the vendor until cut, and where the vendor died pending the performance of the contract his devisees inherited the timber subject to the contract. 2. GAIN OR LOSS. - The basis for computation of gain or loss on the timber is the difference between the value at the time it was acquired by the devisee after March 1, 1913, and the sale price. 3. LOSS - STORM. - The basis for…
1Opinion of the Court
*823OPINION.
Black :
The respondent confessed error in failing and refusing to allow deductions for taxes claimed by the taxpayer for years 1920 and 1921 in the respective amounts of $4,999.77 and $2,695.02. Said sums represented taxes actually paid by petitioner in said years over and above any amount of taxes refunded by the Lumber Co. under the terms of the contract. Therefore, respondent in computing deficiencies of petitioner for 1920 and 1921 should allow as deductions from gross income the sums just above stated.
The principal question for decision is whether the petitioner acquired the…
2Cases cited11 opinions
- Burgess v. SeligmanSupreme Court of the United States · 1883
- Houston Oil Co. of Texas v. BoykinTexas Supreme Court · 1918
- Carter v. Clark & Boice Lumber Co.Court of Appeals of Texas · 1912
- Young v. Camp Manufacturing Co.Supreme Court of Virginia · 1910
- Temple Lumber Co. v. ArnoldCourt of Appeals of Texas · 1929
6 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Ray v. CommissionerUnited States Tax Court · 1959
- E. K. Wood Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Foster v. CommissionerUnited States Board of Tax Appeals · 1930
- Ray v. CommissionerUnited States Tax Court · 1959