Kings County Development Co. v. Commissioner
United States Board of Tax Appeals
The petitioner, a California private corporation, and a California reclamation district, a public corporation, are separate and distinct entities. Upon the sale of property by the petitioner to the reclamation district, the petitioner realized taxable gain in the amount of the difference between the cost of the property sold and the amount received therefor.
1Opinion of the Court
OPINION.
Smith:
The Commissioner determined a deficiency of $11,848.17 in the petitioner’s income tax for 1926, and an overassessment of $1,886.52 for 1927. At the hearing, the petitioner conceded that the Board had no jurisdiction of the overassessment and, in so far as the petition relates to the taxable year 1927, it will be dismissed.
The facts set forth in the stipulation of the parties are incorporated herein by reference. The facts necessary to an understanding of the issue for determination have been succinctly stated by the respondent as follows:
Petitioner is a corporation organized…
2Cases cited3 opinions
- Cannon Manufacturing Co. v. Cudahy Packing Co.Supreme Court of the United States · 1925
- Burnet v. Commonwealth Improvement Co.Supreme Court of the United States · 1932
- Metcalfe v. MerrittCalifornia Court of Appeal · 1910
3Cited by1 opinion
- Kings County Development Co. v. CommissionerUnited States Board of Tax Appeals · 1933