Legal Opinion

Stern v. Commissioner

United States Board of Tax Appeals

Decided December 19, 1928No. Docket Nos. 5887, 5943PublishedCited by 9 opinions

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1. FAIR MARKET VALUE. - The March 1, 1913, fair market value of certain coal lands determined. 2. ACCOUNTING - PARTNERSHIP - TWO BUSINESSES. - Petitioners, as partners, owned and operated two distinct and separate businesses of different character, one retail merchandising and the other the buying and selling of lands. The books and accounts of the two businesses had for many years been kept separately, those of the mercantile business on an accrual basis and those of the land business on a cash basis. Held, that the two businesses being separate and distinct, the use of a different system of…

1Opinion of the Court

*840OPINION.

Tettssell:

The first issue presented is the correctness of respondent’s determination of a profit to the partnership in the sale in 1918 and 1919 of certain tracts of coal land. As to five of these tracts, indicated in the findings of fact as numbers 1 to 5, it is agreed that they were acquired by the partnership prior to March 1, 1913. As to tracts Nos. 6 and 7, respondent insists that these were acquired after that date, this fact being evidenced by the dates of the two deeds of record, one dated in August and the other in December, 1913.

For the purpose of determining profit or loss…

2Cited by9 opinions

Cecil v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1939
Hoffman v. CommissionerUnited States Tax Court · 1960
Birch Ranch & Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1946
Almac's, Inc. v. CommissionerUnited States Tax Court · 1961
Klayman v. CommissionerUnited States Tax Court · 1973

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