Boudreau v. Commissioner
United States Board of Tax Appeals
FAIR MARKET VALUE - OIL PAYMENTS. - The question of whether an oil payment, contingent upon the production of oil, has a fair market value for the purpose of computing gain from the disposition of property is a question of fact. Here the evidence shows the fair market value of such an oil payment.
1Opinion of the Court
*392OPINION.
Murdock :
Section 115 (c) of the Revenue Act of 1934 provides that amounts distributed in complete liquidation of a corporation shall be treated as in full payment in exchange for the stock, and the gain or loss to the distributee resulting from such exchange shall be determined under section 111. The latter section provides that the gain shall be the excess of the amount realized over the basis, and “The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property (other than money) received.” Section…
2Cases cited3 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Burnet v. LoganSupreme Court of the United States · 1931
- Hellmich v. HellmanSupreme Court of the United States · 1928
3Cited by13 opinions
- Chamberlin v. CommissionerUnited States Tax Court · 1959
- Boudreau v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1943
- Dorsey v. CommissionerUnited States Tax Court · 1968
- George W. Potter v. CommissionerUnited States Tax Court · 1948
- Boudreau v. CommissionerUnited States Board of Tax Appeals · 1941
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