Clearfield Lumber Co. v. Commissioner
United States Board of Tax Appeals
1. The taxpayer, prior to March 1, 1913, acquired timberlands at a cost of approximately $3.50 per thousand feet of timber. From the evidence submitted, held, that the fair market value of said standing timber on March 1, 1913, was not more than $5.35 per thousand. 2. The taxpayer issued $360,000 preferred stock for timber and timberlands in 1907, and $480,000 common stock for cash or its equivalent at or about the same time.
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1. The taxpayer, prior to March 1, 1913, acquired timberlands at a cost of approximately $3.50 per thousand feet of timber. From the evidence submitted, held, that the fair market value of said standing timber on March 1, 1913, was not more than $5.35 per thousand. 2. The taxpayer issued $360,000 preferred stock for timber and timberlands in 1907, and $480,000 common stock for cash or its equivalent at or about the same time. Thereafter, from 1909 to 1918, inclusive, the taxpayer retired all the preferred stock and $280,000 par value of common stock for cash. Held, that such retirement of…
1Opinion of the Court
APPEAL OF CLEARFIELD LUMBER CO.
Clearfield Lumber Co. v. Commissioner
Docket No. 16.
United States Board of Tax Appeals
3 B.T.A. 1282; 1926 BTA LEXIS 2430;
April 19, 1926, Decided Submitted May 4, 1925.
1. The taxpayer, prior to March 1, 1913, acquired timberlands at a cost of approximately $3.50 per thousand feet of timber. From the evidence submitted, held, that the fair market value of said standing timber on March 1, 1913, was not more than $5.35 per thousand.
2. The taxpayer issued $360,000 preferred stock for timber and timberlands in 1907, and $480,000 common stock for cash or its equivalent…
2Cases cited1 opinion
- Clearfield Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1926