C'De Baca v. Commissioner
United States Tax Court
1. Petitioner sold her farm in 1953 at a profit and it is stipulated that the payments received by her in that year under the contract were less than 30 percent of the selling price.
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1. Petitioner sold her farm in 1953 at a profit and it is stipulated that the payments received by her in that year under the contract were less than 30 percent of the selling price. On her income tax returns for the taxable years 1953 and 1954, filed on March 26, 1957, petitioner reported this sale on an installment basis and has paid income taxes on said sale on the installment basis for the taxable years 1953 and 1954. Upon audit of petitioner's income tax liability for the taxable years 1953 and 1954, respondent determined that petitioner was not entitled to return the gain on the 1953…
1Opinion of the Court
OPINION.
Black, Judge;
The Commissioner has determined deficiencies in income tas and additions to tax for the years 1953 and 1954, as follows:
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The deficiency for 1953 is due to the following adjustment:
Adjustment To Net Income.
Net income shown on return-$15,195.59
Additional income:(a) Installment sale_ 30,416.56
Net income as adjusted- 45, 612.15
Adjustment (a) is explained in the deficiency notice as follows: (a) It, is determined that you are not entitled under the internal revenue laws to report the gain of $90,911.00 realized on the sale of your farm in 1953 on the…
2Cases cited7 opinions
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
- Cedar Valley Distillery, Inc. v. CommissionerUnited States Tax Court · 1951
- Farber v. CommissionerUnited States Tax Court · 1961
- Briarly v. CommissionerUnited States Board of Tax Appeals · 1933
- Hornberger v. CommissionerCourt of Appeals for the Fifth Circuit · 1961
2 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Harper v. CommissionerUnited States Tax Court · 1970
- Reaver v. CommissionerUnited States Tax Court · 1964
- Mamula v. CommissionerUnited States Tax Court · 1964
- Silver Queen Motel v. CommissionerUnited States Tax Court · 1971
- F. E. McGillick Co. v. CommissionerUnited States Tax Court · 1964
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