Swift v. Commissioner
United States Board of Tax Appeals
As relating to real property situated in California, deposit of deeds in escrow in March, 1921, in accordance with an agreement to sell real property, delivery of the deeds to await a final payment on the purchase price to be made in 1924 did not constitute "a sale consummated" prior to December 31, 1921. Petitioner is entitled to have his tax liability by reason of a profit resulting from the transaction computed under section 208(a)(1) of the Revenue Act of 1924, relating…
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As relating to real property situated in California, deposit of deeds in escrow in March, 1921, in accordance with an agreement to sell real property, delivery of the deeds to await a final payment on the purchase price to be made in 1924 did not constitute "a sale consummated" prior to December 31, 1921. Petitioner is entitled to have his tax liability by reason of a profit resulting from the transaction computed under section 208(a)(1) of the Revenue Act of 1924, relating to "capital gains."
1Opinion of the Court
*1103OPINION.
Love :
With the exception of the contract of March 4, Í921, and the escrow instrument o.f March 13, 1921, the facts in this proceeding have all been presented by the petition and admissions in the answer. The petitioner complains that the respondent has refused to compute his tax liability upon a profit resulting from the sale of an undivided interest in certain lands in accordance with the capital *1104gain provision of the Revenue Acts of 1921 and 1924. Strictly speaking, we are concerned only with the capital gain provision of the Revenue Act of 1924, since the year 1924 is the only year…
2Cases cited3 opinions
- Craig v. WhiteCalifornia Supreme Court · 1921
- Fitch v. BunchCalifornia Supreme Court · 1866
- Whitney v. ShermanCalifornia Supreme Court · 1918
3Cited by7 opinions
- Alderson v. CommissionerUnited States Tax Court · 1962
- Silberblatt v. CommissionerUnited States Board of Tax Appeals · 1933
- Alderson v. CommissionerUnited States Tax Court · 1962
- Hancock v. CommissionerUnited States Board of Tax Appeals · 1932
- Silberblatt v. CommissionerUnited States Board of Tax Appeals · 1933
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