Commissioner v. Crichton
United States Court of Appeals for the Fifth Circuit
122 F.2d 181 (1941)
Relevant factsFree
Crichton (plaintiff) transferred a fractional interest in oil, gas, and mineral rights on her country land to her children in exchange for their interest in a city lot with a hotel, and reported no gain on the exchange under the like-kind exchange provision of the 1936 Revenue Act. The Commissioner (defendant) determined a deficiency, arguing mineral rights and a developed city lot were not "like kind" property, but the Board of Tax Appeals sided with Crichton.
IssueFree
Whether the transfer of real estate for other real estate constitutes an exchange of like property upon which no gain or loss is realized.