Legal Opinion
Gem Theatre Co. v. Commissioner
United States Board of Tax Appeals
Decided September 27, 1927No. Docket No. 9264PublishedCited by 1 opinion
Item determined to be part of petitioner's gross income.
1Opinion of the Court
*314OPINION.
Lansdon :
The issue raised by this proceeding is whether the total consideration of $25,000 paid by the vendees in 1921 as the result of the performance of a contract to sell dated April 26, 1921, represents gross income to the petitioner.
The profit resulting from the transaction was $22,392.19. The total consideration for the sale in question was $25,000. The petitioner claims that of said consideration, the amount of $16,660 represents the allocated sales price of property sold and belonging to its individual stockholders, Augustus Botto and A1 Meyers. In other words, the petitioner…
2Cases cited7 opinions
- Gulf, Colorado & Santa Fe Railway Co. v. SettegastTexas Supreme Court · 1891
- German-American Sav. Bank v. GollmerCalifornia Supreme Court · 1909
- Bass v. WestSupreme Court of Georgia · 1900
- Jackson v. KnightCourt of Appeals of Texas · 1917
- Lincoln Furniture Co. v. BornsteinNew Jersey Court of Chancery · 1926
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Gem Theatre Co. v. CommissionerUnited States Board of Tax Appeals · 1927