Kalb v. Commissioner
United States Board of Tax Appeals
1. DATE OF ACQUISITION OF INTEREST IN PROPERTY. - Under the facts in the case at bar and the law of Wisconsin, where the property was situated, held that petitioner acquired his interest in the property in question in January, 1919 (at the death of the grantor), within the meaning of section 292(a)(3) of the Revenue Act of 1921. 2. VALUE OF PROPERTY in January, 1919, determined for purpose of determining gain derived from sale in 1921.
1Opinion of the Court
*889OPINION.
Teussell:
In 1914 Mary Kalb, petitioner’s mother, deeded practically all of her real and personal property to petitioner and two other persons in trust for her benefit during the balance of her lifetime and within one year after her death the said trustees were directed to convey the residue, balance and remainder in equal shares to Louis E. Kalb, petitioner, Nora Collette, and Walter Kustermann, and their heirs and assigns forever, but in the event either of the said persons predecease Mary Kalb without issue, it was directed that the remainder of the trust property be equally divided…
2Cases cited2 opinions
- Benner v. MauerWisconsin Supreme Court · 1907
- Greeney v. GreeneyWisconsin Supreme Court · 1914
3Cited by2 opinions
- Augustus v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1941
- Kalb v. CommissionerUnited States Board of Tax Appeals · 1929