Fairmount Cemetery Asso. v. Commissioner
United States Board of Tax Appeals
1. Fair market value at March 1, 1913, of cemetery lots sold by the petitioner in the taxable year determined. 2. A cemetery corporation sold mausoleum crypts under terms contained in its deeds obligating it to "perpetually maintain in good order the space above described," without expense to the purchaser. In order to provide for such perpetual maintenance, the petitioner created a reserve account into which it deposited 10 percent of all sales receipts for crypts sold.
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1. Fair market value at March 1, 1913, of cemetery lots sold by the petitioner in the taxable year determined. 2. A cemetery corporation sold mausoleum crypts under terms contained in its deeds obligating it to "perpetually maintain in good order the space above described," without expense to the purchaser. In order to provide for such perpetual maintenance, the petitioner created a reserve account into which it deposited 10 percent of all sales receipts for crypts sold. Held, that petitioner may not treat such deposits as allowable reserve charges and deduct them from its current income in…
1Opinion of the Court
FAIRMOUNT CEMETERY ASSOCIATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Fairmount Cemetery Asso. v. Commissioner
Docket Nos. 55570, 63753, 70639.
United States Board of Tax Appeals
30 B.T.A. 740; 1934 BTA LEXIS 1282;
May 16, 1934, Promulgated
1. Fair market value at March 1, 1913, of cemetery lots sold by the petitioner in the taxable year determined.
2. A cemetery corporation sold mausoleum crypts under terms contained in its deeds obligating it to "perpetually maintain in good order the space above described," without expense to the purchaser. In order to provide for such…
2Cases cited2 opinions
- Acacia Park Cemetery Asso. v. CommissionerUnited States Board of Tax Appeals · 1932
- Fairmount Cemetery Asso. v. CommissionerUnited States Board of Tax Appeals · 1934