McBride v. Commissioner
United States Tax Court
On October 31, 1944, H. L. McBride conveyed a 1,050.69-acre tract of land to McBride Refining Company, Inc., in which he owned a bare majority of stock, taking a note for the sales price. The company intended to develop the tract into citrus orchards, then sell those orchards at a profit.
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On October 31, 1944, H. L. McBride conveyed a 1,050.69-acre tract of land to McBride Refining Company, Inc., in which he owned a bare majority of stock, taking a note for the sales price. The company intended to develop the tract into citrus orchards, then sell those orchards at a profit. It expended $ 40,689.84 in 1944 for clearing that land and planting citrus trees on 200 acres thereof; $ 17,214.84 of that sum was spent in clearing 800.69 acres on which no trees were planted. On September 30, 1945, it reconveyed the 800.69 acres to H. L. McBride in accordance with a prior understanding…
1Opinion of the Court
H. L. McBride, Petitioner, v. Commissioner of Internal Revenue, Respondent. McBride Refining Company, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
McBride v. Commissioner
Docket Nos. 47338, 47339
United States Tax Court
23 T.C. 901; 1955 U.S. Tax Ct. LEXIS 239;
February 21, 1955, Filed
Decisions will be entered under Rule 50.
On October 31, 1944, H. L. McBride conveyed a 1,050.69-acre tract of land to McBride Refining Company, Inc., in which he owned a bare majority of stock, taking a note for the sales price. The company intended to develop the tract into citrus orchards, then…
2Cases cited10 opinions
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Biddle v. CommissionerSupreme Court of the United States · 1938
- Chisholm v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1935
- United States v. Bennett (Two Cases). Finch v. Arnold, Acting Collector of Internal Revenue (Two Cases). Birkbeck v. Thomas. Ritchie v. ThomasCourt of Appeals for the Fifth Circuit · 1951
- Keystone Automobile Club v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1950
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