Foster v. Commissioner
United States Board of Tax Appeals
1. TIMBER CONTRACT. - Where the owner of standing timber in Texas entered into a contract to sell it and the vendee agreed to cut, remove and pay for it as removed within a specified time, the title to the timber remained in the vendor until cut, and where the vendor died pending the performance of the contract his devisees inherited the timber subject to the contract. 2. GAIN OR LOSS. - The basis for computation of gain or loss on the timber is the difference between the…
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1. TIMBER CONTRACT. - Where the owner of standing timber in Texas entered into a contract to sell it and the vendee agreed to cut, remove and pay for it as removed within a specified time, the title to the timber remained in the vendor until cut, and where the vendor died pending the performance of the contract his devisees inherited the timber subject to the contract. 2. GAIN OR LOSS. - The basis for computation of gain or loss on the timber is the difference between the value at the time it was acquired by the devisee after March 1, 1913, and the sale price. 3. LOSS - STORM. - The basis for…
1Opinion of the Court
FLORENCE A. FOSTER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Foster v. Commissioner
Docket No. 17414.
United States Board of Tax Appeals
18 B.T.A. 819; 1930 BTA LEXIS 2583;
January 15, 1930, Promulgated
1. TIMBER CONTRACT. - Where the owner of standing timber in Texas entered into a contract to sell it and the vendee agreed to cut, remove and pay for it as removed within a specified time, the title to the timber remained in the vendor until cut, and where the vendor died pending the performance of the contract his devisees inherited the timber subject to the contract.
2. GAIN OR…
2Cases cited1 opinion
- Foster v. CommissionerUnited States Board of Tax Appeals · 1930