Hall v. Commissioner , 6 B.T.A. 15 ( 1927 )

CHARLES WARD HALL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Hall v. Commissioner

Docket No. 11650.

United States Board of Tax Appeals

6 B.T.A. 15; 1927 BTA LEXIS 3622;

February 2, 1927, Promulgated

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James H. Hoffnagle, Esq., for the petitioner.

A. H. Murray, Esq., for the respondent.

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PHILLIPS

PHILLIPS: Petitioner appeals from the determination by the respondent of a deficiency of $2,516.37 in income tax for 1920, arising from the computation of a gain from the sale of certain real estate.

FINDINGS OF FACT.

In 1920 the petitioner sold 8 twenty-foot lots on Eastern Parkway, Brooklyn, N.Y., for $38,025. On March 1, 1913, the fair market value of such lots was $35,000. Said lots were acquired by the petitioner in 1903 and their cost was less than the March 1, 1913, value. Subsequent to March 1, 1913, petitioner paid $52.66 for assessments upon such lots for local improvements.

In 1920 petitioner sold for $9,650 a fifty-foot plot on the corner of President Street and Kingston Avenue, Brooklyn, N.Y., which property had a fair market value on March 1, 1913, of $12,500. Subsequent to March 1, 1913, the petitioner paid assessments upon such property of $752.08 for local improvements. Such property was acquired by the taxpayer in 1903 and the cost was less than the selling price.

In 1920 the petitioner sold a fifty-foot plot of land on President Street, Brooklyn, N.Y., for $10,745, which plot had a fair market value on March 1, 1913, of $9,000. Subsequent to March 1, 1913, the petitioner paid $565.45 for assessments upon said plot for local improvements. The property was acquired by the petitioner in 1903 at a cost less than the value on March 1, 1913.

Upon such sales, the petitioner realized taxable gains of $4,151.89.

Decision will be entered on 20 days' notice, under Rule 50.