Robertson v. Commissioner

*749OPINION.

From a consideration of the evidence, we are of the opinion that the difference of $8,000 between the amount paid by the petitioner for the 80 acres of land and the fair market value of the *750land represents a gift. The gain on the sale, therefore, should be based on the fair market value of the land when acquired by the petitioner, instead of on the cost.

Judgment will be entered for the petitioner.