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
KINGS COUNTY DEVELOPMENT COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kings County Development Co. v. Commissioner
Docket No. 46759.
United States Board of Tax Appeals
27 B.T.A. 1291; 1933 BTA LEXIS 1229;
April 26, 1933, Promulgated
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…
2Cases cited1 opinion
- Kings County Development Co. v. CommissionerUnited States Board of Tax Appeals · 1933