Sline v. Commissioner
United States Board of Tax Appeals
1. Profit on sale of land determined and apportioned. 2. Certain business expenses and losses determined and others rejected for lack of evidence.
1Opinion of the Court
*1224OPINION.
Milliken:
The first issue relates to the profit resulting from the sale of 231.2 acres of land. The land was sold for $86,670. Of the acreage sold, 131.2 acres were acquired in 1915, at a cost of $19,012.40. We are of the opinion that the March 1, 1913, value of the 100 acres acquired prior to March 1, 1913, was $17,500. The improvements located on the 100 acres had a value on March 1, 1913, of $9,000, and at date of sale in 1920, the depreciated value was $6,000.
Of the total acreage sold in 1920, petitioner had purchased 100 acres prior to his marriage. The cost of the same was…
2Cases cited5 opinions
- Welder v. LambertTexas Supreme Court · 1898
- Price v. McAnellyCourt of Appeals of Texas · 1926
- Evans v. IngramCourt of Appeals of Texas · 1926
- Pellum v. FlemingCourt of Appeals of Texas · 1926
- Jackson v. JacksonCourt of Appeals of Texas · 1926
3Cited by5 opinions
- Scranton, Lackawanna Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Schuler v. CommissionerUnited States Board of Tax Appeals · 1933
- Plunkett v. CommissionerUnited States Board of Tax Appeals · 1940
- Richards v. CommissionerUnited States Tax Court · 1943
- Sline v. CommissionerUnited States Board of Tax Appeals · 1928