Camden v. Commissioner
United States Board of Tax Appeals
1. The owner of real estate, for consideration not questioned, conveyed real estate to her husband for his life, with remainder to herself. Held, that there was a sale of a capital asset and that there was error by the Commissioner in treating the proceeds of the sale as ordinary income from rental on a lease. 2. Held, that the grantee has not shown himself entitled to depreciation as using the property in trade or business.
1Opinion of the Court
*929OPINION.
Disney :
The record in this proceeding discloses a conveyance of a life estate in real estate from petitioner Agnes McEvoy Camden to petitioner Johnson N. Camden, her husband, with remainder to the wife. The respondent urges us to consider it as in effect transferring only a lease and therefore to regard the consideration paid by the husband as prepaid rental upon the lease, taxable as ordinary income to the wife. The petitioners, on the other hand, contend that a life estate was both in form and fact conveyed, that the amount received by the wife for such conveyance was for a capital…
2Cases cited3 opinions
- Irwin v. GavitSupreme Court of the United States · 1925
- Hort v. CommissionerSupreme Court of the United States · 1941
- Maass v. HigginsSupreme Court of the United States · 1941
3Cited by8 opinions
- McAllister v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1946
- Hunter v. CommissionerUnited States Tax Court · 1965
- Bradley v. CommissionerUnited States Tax Court · 1949
- Camden v. CommissionerUnited States Board of Tax Appeals · 1942
- Estate of Camden v. CommissionerCourt of Appeals for the Sixth Circuit · 1943
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