Crichton v. Commissioner
United States Board of Tax Appeals
Petitioner exchanged oil, gas, and mineral rights in certain lands for an undivided one-half of the fee in a parcel of improved realty. Held, the properties conveyed were of a like kind as required by section 112(b)(1) of the Revenue Act of 1936 and the gain realized on the exchange is, therefore, not taxable.
1Opinion of the Court
*491OPINION.
ARUndell:
Our decision is asked on the question of whether the petitioner is taxable on the exchange of properties made between herself and her three children in the taxable year. The petitioner claims that no gain from the exchange is cognizable under section *492112 (b) (1) of tbe Reverme Act of 1936, which, provides as follows:
SEO. 112. RECOGNITION OF GAIN OR LOSS.
*******(b) Exchanges Solely in Kind.—(1) Property held eor productive use op investment. — No gain or loss shall be recognized if property held for productive use in trade or business or for investment (not including stock…
2Cases cited4 opinions
- Texas Company v. W.H. DaughertyTexas Supreme Court · 1915
- Gulf Refining Co. of Louisiana v. GlassellSupreme Court of Louisiana · 1936
- Shaw v. WatsonSupreme Court of Louisiana · 1922
- Decatur Coal Co. v. ClokeyIllinois Supreme Court · 1928
3Cited by19 opinions
- Koch v. CommissionerUnited States Tax Court · 1978
- Commissioner of Internal Revenue v. CrichtonCourt of Appeals for the Fifth Circuit · 1941
- SMALLEY v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- California Federal Life Ins. Co. v. CommissionerUnited States Tax Court · 1981
- Crooks v. CommissionerUnited States Tax Court · 1989
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