Mount Hope Cemetery Ass'n v. Commissioner
United States Board of Tax Appeals
In determining the gain or loss from the disposition of burial space in a cemetery, the amount realized may be reduced by the basis which the land has. Where the lots sold in the taxable year were a part of a larger area owned by the taxpayer on March 1, 1913, their basis is a part of the fair market value on the basic date of the entire area.
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In determining the gain or loss from the disposition of burial space in a cemetery, the amount realized may be reduced by the basis which the land has. Where the lots sold in the taxable year were a part of a larger area owned by the taxpayer on March 1, 1913, their basis is a part of the fair market value on the basic date of the entire area. Although prices at which the petitioner was selling individual lots on or about March 1, 1913, are substantial evidence relating to the question of the fair market value of the remaining area, which included comparable lots, nevertheless, such evidence…
1Opinion of the Court
MOUNT HOPE CEMETERY ASSOCIATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Mount Hope Cemetery Ass'n v. Commissioner
Docket Nos. 76039, 76640.
United States Board of Tax Appeals
37 B.T.A. 671; 1938 BTA LEXIS 1001;
April 14, 1938, Promulgated
In determining the gain or loss from the disposition of burial space in a cemetery, the amount realized may be reduced by the basis which the land has. Where the lots sold in the taxable year were a part of a larger area owned by the taxpayer on March 1, 1913, their basis is a part of the fair market value on the basic date of the entire…
2Cases cited1 opinion
- Mount Hope Cemetery Ass'n v. CommissionerUnited States Board of Tax Appeals · 1938