Barter Systems, Inc. v. Commissioner
United States Tax Court
P was a barter exchange. P issued trade units to acquire property from members. Trade units were credited to members at the ratio of one trade unit per dollar of fair market value of property acquired by P. P also sold property to members for trade units. The price (in trade units) charged to the buyer was equal to the price (in trade units) paid to the member from whom the property was acquired.
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P was a barter exchange. P issued trade units to acquire property from members. Trade units were credited to members at the ratio of one trade unit per dollar of fair market value of property acquired by P. P also sold property to members for trade units. The price (in trade units) charged to the buyer was equal to the price (in trade units) paid to the member from whom the property was acquired. The account of a member buying property was reduced by the number of trade units equal to the property's price plus a 10-percent commission payable to petitioner in trade units. Goods and services…
1Opinion of the Court
BARTER SYSTEMS, INC. OF WICHITA, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Barter Systems, Inc. v. Commissioner
Docket No. 4848-87
United States Tax Court
T.C. Memo 1990-125; 1990 Tax Ct. Memo LEXIS 125; 59 T.C.M. (CCH) 72; T.C.M. (RIA) 90125;
March 12, 1990
P was a barter exchange. P issued trade units to acquire property from members. Trade units were credited to members at the ratio of one trade unit per dollar of fair market value of property acquired by P.
P also sold property to members for trade units. The price (in trade units) charged to the buyer was equal to the price (in…
2Cases cited20 opinions
- Neely v. CommissionerUnited States Tax Court · 1985
- Bixby v. CommissionerUnited States Tax Court · 1972
- Carlos and Jacqueline Marcello v. Commissioner of Internal Revenue, Joseph, Jr. And Anastasia Marcello v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1967
- George v. Zmuda and Walburga Zmuda v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1984
- Zmuda v. CommissionerUnited States Tax Court · 1982
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