United States Board of Tax Appeals September 8, 1925, Docket No. 734. (Packman v. Commissioner)

lead-opinion

*509OPINION.

Phillips:

Taxpayer alleges that the Commissioner committed error in fixing the value of the real estate mortgages and the note received by the taxpayer upon these sales at their face value, and in determining the profit accordingly, but at the hearing no •competent evidence of the fair market value of these mortgages or the note was offered.