Central Real Estate Co. v. Commissioner
United States Board of Tax Appeals
Section 202(b) of the Revenue Act of 1924 does not authorize the addition of taxes and interest to cost of real estate in determining gain or loss upon a sale of the property in 1925.
1Opinion of the Court
*778OPINION.
Arundell:
The alleged errors relating to the filing of amended returns were not urged by petitioner at the hearing nor in its brief, and we take it that petitioner has abandoned them. But if not, we dispose of them now by holding that even if the respondent did err .as alleged, it would make no difference in the tax liability.
The question for decision is whether under section 202(b) of the ¡Revenue Act of 1924, taxes and interest on the unpaid purchase price of unproductive real .estate should be capitalized for the purpose of ascertaining gain or loss.
The courts and this Board have…
2Cases cited1 opinion
- Provost v. United StatesSupreme Court of the United States · 1926
3Cited by11 opinions
- Southern Natural Gas Company v. The United StatesUnited States Court of Claims · 1969
- Wilbur v. CommissionerUnited States Tax Court · 1964
- Southern Ry. v. CommissionerUnited States Board of Tax Appeals · 1933
- Great N. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Moran v. United StatesUnited States Court of Claims · 1937
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