Stark v. Commissioner
United States Board of Tax Appeals
1. The profits from the sale of timber under a contract by which the owners agreed to sell the standing timber as cut, the purchaser to cut and market a minimum amount each year and pay the sellers currently for the timber removed, held, to constitute capital gains rather than ordinary income. 2. and 3. In the estate tax returns filed for the estates of the two decedents a deduction of $42,500 from the gross estate of each decedent was allowed against contemplated future…
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1. The profits from the sale of timber under a contract by which the owners agreed to sell the standing timber as cut, the purchaser to cut and market a minimum amount each year and pay the sellers currently for the timber removed, held, to constitute capital gains rather than ordinary income. 2. and 3. In the estate tax returns filed for the estates of the two decedents a deduction of $42,500 from the gross estate of each decedent was allowed against contemplated future losses to arise from the operation of the "Carroll" lease. During the years 1936 and 1937 the amounts paid for taxes, rent,…
1Opinion of the Court
OPINION.
Smith:
These proceedings, consolidated for hearing, are for the redetermination of deficiencies in income tax of the estate of Miriam M. Stark, H. J. Lutcher Stark, Executor, Docket No. 103807, and *883estate of W. H. Stark, H. J. Butcher Stark, Executor, Docket No. 103808, for the calendar years 1986,1937, and 1988 as follows:
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The decedents were husband and wife and the transactions out of which the present tax dispute arose relate, for the most part, to their community properties. The petitions contain fourteen allegations of error, all but one of which are common to both…
2Cases cited4 opinions
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Houston Oil Co. of Texas v. BoykinTexas Supreme Court · 1918
- Carter v. Clark & Boice Lumber Co.Court of Appeals of Texas · 1912
- Brown v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1934
3Cited by11 opinions
- Crowell Land and Mineral Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
- Boeing v. United StatesUnited States Court of Claims · 1951
- Ray v. CommissionerUnited States Tax Court · 1959
- Rudd v. CommissionerUnited States Tax Court · 1982
- Louis W. & Maud Hill Family Foundation v. United StatesDistrict Court, D. Minnesota · 1972
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