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Income Tax Keyed to Bankman
Lucas v. North Texas Lumber
Citation:
281 U.S. 11 (1930)Facts
In December 1916, Respondent gave Southern Pine Company an option with a 10-day window to purchase its timber lands at a specific price. On December 30, 1916, the Pine Company notified Respondent that it would exercise the option “as soon as the papers were prepared.” The parties finally closed the transaction on January 5, 1917. Respondent reported the income from the transaction in its 1916 tax return but the Commissioner of Internal Revenue asserted it was 1917 income.
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