In re STATION

Board of Tax Appeals

In re STATION

1 B.T.A. 1222, 1925 BTA LEXIS 2619

CourtUnited States Board of Tax Appeals

DecidedMay 23, 1925

DocketDocket No. 1934.

StatusPublished

This text of 1 B.T.A. 1222 (In re STATION) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

In re STATION, 1 B.T.A. 1222, 1925 BTA LEXIS 2619 (bta 1925).

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Opinion

[1223]*1223OPINION.

Morris :

It is not clear from the evidence whether the cash consideration recited in the deed was paid to the taxpayer and she purchased Johnson’s property or whether Kemp paid Johnson directly resulting in an exchange between the taxpayer and Johnson. If it was a sale by the taxpayer there can be no question of the gain derived therefrom; if an exchange, it is our opinion that the cash consideration of $30,000 involved in the transaction clearly establishes the fair market value of the property received by the taxpayer at that amount.

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[1223]*1223OPINION.

Morris :

It is not clear from the evidence whether the cash consideration recited in the deed was paid to the taxpayer and she purchased Johnson’s property or whether Kemp paid Johnson directly resulting in an exchange between the taxpayer and Johnson. If it was a sale by the taxpayer there can be no question of the gain derived therefrom; if an exchange, it is our opinion that the cash consideration of $30,000 involved in the transaction clearly establishes the fair market value of the property received by the taxpayer at that amount.

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Bluebook (online)

1 B.T.A. 1222, 1925 BTA LEXIS 2619, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-station-bta-1925.

Opinion

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