Elmore v. Commissioner
United States Board of Tax Appeals
1. The fair market value of a farm acquired prior to March 1, 1913, determined as of that date. 2. Petitioner held not entitled to return income from sale of farm in 1921 on the installment basis, the sale being a completed one in 1921, and more than one-fourth of the sale price being received in the initial payment.
1Opinion of the Court
*1211OPINION.
Littleton :
The evidence convinces us that the fair market value of petitioner’s farm on March 1, 1913, was $150 an acre, or a value of $15,795, as found by the Commissioner. Determination of the Commissioner on this point is approved.
*1212The petitioner insists that the Commissioner erred in not treating the sale and transfer of his farm to Creech as an installment sale. He states it would undoubtedly be such but for the fact that the Swinebroad notes endorsed by Creech were turned over to petitioner as part consideration for the transfer. With this declaration we agree. He contends,…
2Cited by10 opinions
- Cisler v. CommissionerUnited States Tax Court · 1962
- Freeman v. CommissionerUnited States Tax Court · 1961
- Freeman v. CommissionerCourt of Appeals for the Eighth Circuit · 1962
- Freeman v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Holmes v. CommissionerUnited States Tax Court · 1970
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