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Commissioner v. Crichton

United States Court of Appeals for the Fifth Circuit
122 F.2d 181 (1941)


Crichton (plaintiff) owned a tract of country land that produced oil, gas, and other minerals. Her three children had a 1/2 interest in a city lot on which stood a hotel. In 1936, Crichton transferred a 3/12 interest in all oil, gas, and other minerals produced from her country land to her children in exchange for their 1/2 interest in the city lot. The 1/2 interest in the city lot was valued at $15,357.77, while the 3/12 interest in the mineral rights had a cost basis of zero. Crichton believed that the transaction was an exchange of like property governed by § 112(b)(1) of the Revenue Act of 1936, and therefore did not report any gain on the exchange. The Commissioner (defendant) ruled that Crichton realized a capital gain of $15,357.71 and determined a deficiency accordingly. The Board of Tax Appeals reversed the Commissioner, holding that the transaction was an exchange of like property.

Rule of Law


Holding and Reasoning (Hutcheson, J.)

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