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Income Tax Keyed to Bankman
Inaja Land Co. v. Commissioner
Citation:
9 T.C. 727 (1947), acq. 1948-1 C.B. 2Facts
In 1928, Petitioner paid $61,000 for 1236 acres of land and certain water rights on the Owens River in Mono County, California, with the intention of using it primarily for a fishing club. In 1934, the City of Los Angeles began diverting polluted waters into the Owens River upstream from Petitioner’s property. Petitioner threatened legal action and in 1939 reached a settlement with the city under which the city paid Petitioner $50,000 to release all future claims and for an easement to continue diverting the polluted water into the Owens River. The Commissioner of Internal Revenue asserted a deficiency against Petitioner for failing to report this $50,000 as income.
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