Camp v. Commissioner
United States Board of Tax Appeals
INCOME - SALE OF LAND. - In 1918 petitioner made a bona fide sale of land to his son pursuant to a verbal agreement. The son took possession and both parties abided by their agreement, though petitioner did not execute a deed to his son, who agreed to sell at a profit in 1920. Petitioner executed the deed to the subsequent purchaser and received the consideration, but accounted therefor to his son, thus completing the verbal transaction.
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INCOME - SALE OF LAND. - In 1918 petitioner made a bona fide sale of land to his son pursuant to a verbal agreement. The son took possession and both parties abided by their agreement, though petitioner did not execute a deed to his son, who agreed to sell at a profit in 1920. Petitioner executed the deed to the subsequent purchaser and received the consideration, but accounted therefor to his son, thus completing the verbal transaction. The respondent objected to the validity of the sale as being within the operation of the statute of frauds. Held that the respondent, who was not in privity…
1Opinion of the Court
*964opiniopt.
Trussell:
There is no controversy as to the amount of $3,648.80 as representing the profit derived from the sale of 79.84 acres of land in 1920. The only issue is whether this petitioner still owned the said land in 1920, or whether he made a valid sale thereof to his son Samuel in 1918.
The respondent contends that the sale of said land by petitioner to his son Samuel comes within the operation of the statute of frauds; that there being no written agreement nor payment made on the purchase price to take the transaction out of the statute, the sale was void; and that there being no…
2Cases cited8 opinions
- Cleveland, Cincinnati, Chicago & St. Louis Ry. Co. v. WoodIllinois Supreme Court · 1901
- Koenig v. DohmIllinois Supreme Court · 1904
- Jones v. JonesIllinois Supreme Court · 1917
- Pasquay v. PasquayIllinois Supreme Court · 1908
- King v. BushnellIllinois Supreme Court · 1887
3 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Estate of O'Daniel v. United StatesCourt of Appeals for the Fifth Circuit · 1993
- Camp v. CommissionerUnited States Board of Tax Appeals · 1930
- Wilson v. CommissionerUnited States Tax Court · 1977