Case Name: Harry F. Robertson, Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1926-12-08
Citations: 5 B.T.A. 748
Docket Number: Docket No. 5436
Parties: Harry F. Robertson, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Reporter: Reports of the United States Board of Tax Appeals
Volume: 5
Pages: 748–750

Head Matter:
Harry F. Robertson, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 5436.
Promulgated December 8, 1926.
Charles II. Davis, Esq., for the petitioner.
Henry Ravenel, Esq., for the respondent.

Opinion:
OPINION.
Trammell:
From a consideration of the evidence, we are of the opinion that the difference of $8,000 between the amount paid by the petitioner for the 80 acres of land and the fair market value of the land represents a gift. The gain on the sale, therefore, should be based on the fair market value of the land when acquired by the petitioner, instead of on the cost.
Judgment will be entered for the petitioner.