Daniel Bros. Co. v. Commissioner
United States Board of Tax Appeals
1. Where property is acquired prior to March 1, 1913, and sold in 1919 for an amount greater than cost, but less than the March 1, 1913, value, there is neither a gain nor a loss under the provisions of the Revenue Act of 1918. 2. Where property is purchased on a deferred payment plan and interest is not provided for in the contract, no part of the deferred payments are deductible from gross income as interest.
1Opinion of the Court
*1087OPINION.
Maequette:
Several errors on the part of the respondent in determining the deficiencies involved herein are' alleged in the petition, but only two of them were pressed at the hearing, the others being-abandoned by the petitioner. The first issue is whether the petitioner realized any profit, and if so what amount, upon the sale in the fiscal year ended August 31, 1920, of the property at 129-131-133 West Peachtree Street, and 416 Peachtree Street. The parties are in accord as to the sale price of the property and its depreciated cost'as of the date of sale, but it is contended by the…
2Cases cited3 opinions
- United States v. FlannerySupreme Court of the United States · 1925
- McCaughn v. LudingtonSupreme Court of the United States · 1925
- Goodrich v. EdwardsSupreme Court of the United States · 1921
3Cited by8 opinions
- Beek v. CommissionerUnited States Tax Court · 1983
- Baltimore & Ohio R.R. v. CommissionerUnited States Board of Tax Appeals · 1933
- MacDonald v. CommissionerUnited States Board of Tax Appeals · 1934
- Baltimore & Ohio R.R. v. CommissionerUnited States Board of Tax Appeals · 1933
- Baltimore v. CommissionerUnited States Board of Tax Appeals · 1933
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