Old Farmers Oil Co. v. Commissioner
United States Board of Tax Appeals
(1) Section 277(b) of the Revenue Act of 1924 applied. (2) An erroneous decision of a question of law made by an officer of the Government is not binding on his successor in office.
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(1) Section 277(b) of the Revenue Act of 1924 applied. (2) An erroneous decision of a question of law made by an officer of the Government is not binding on his successor in office. (3) Where a vendor executes a contract of sale and a deed and where the vendee is immediately placed in possession of the property sold, and where the contract and deed are placed in escrow the deed to be delivered when he has paid the purchase price, held that such transaction was completed in the year in which the contract and deed were executed. (4) Certain obligations payable to petitioner held not to have a…
1Opinion of the Court
OIL FARMERS OIL CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Old Farmers Oil Co. v. Commissioner
Docket No. 2824.
United States Board of Tax Appeals
12 B.T.A. 203; 1928 BTA LEXIS 3579;
May 29, 1928, Promulgated(1) Section 277(b) of the Revenue Act of 1924 applied.(2) An erroneous decision of a question of law made by an officer of the Government is not binding on his successor in office.(3) Where a vendor executes a contract of sale and a deed and where the vendee is immediately placed in possession of the property sold, and where the contract and deed are placed in escrow the…
2Cases cited8 opinions
- Loud v. Pomona Land & Water Co.Supreme Court of the United States · 1894
- Thompson v. CommissionerUnited States Board of Tax Appeals · 1928
- Union Metal Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Art Metal Works v. CommissionerUnited States Board of Tax Appeals · 1927
- Yokohama Ki-Ito Kwaisha, Ltd. v. CommissionerUnited States Board of Tax Appeals · 1927
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