Wilson v. Commissioner
United States Board of Tax Appeals
1. Receipt of proceeds of sale by taxpayer's agent constitutes receipt by a taxpayer on a cash receipts and disbursements basis. 2. Value of land determined. 3. Loss incurred on account of destruction of grapevines allowed in part. 4. Value of stock determined. 5. Rate of depreciation of petitioner's orchard determined.
1Opinion of the Court
*405OPINION.
Van Fossan :
The first error alleged in the petition arises from the holding by respondent that petitioner received certain income in each of the years 1917, 1918, and 1919 although the sums involved were not physically received by petitioner until after the close of each taxable year. It is a well established principle of law that receipt by an agent is receipt by the principal. This applies in tax cases. Estate of C. W. Crews, 8 B. T. A. 301. It applies even though the party be on a cash receipts basis. Julia A. Strauss, 2 B. T. A. 598; L. & M. Holding Co., 3 B. T. A. 601. So far as…
2Cited by8 opinions
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- Estate of Kamm v. CommissionerUnited States Tax Court · 1963
- Diescher v. CommissionerUnited States Board of Tax Appeals · 1937
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