Kelly v. Commissioner
United States Board of Tax Appeals
1. Decedent and her son were sole executors and sole legatees of the estate of decedent's husband. The husband's estate was solvent, but consisted principally of real estate not readily marketable for cash. The executors substituted their own personal note for a note outstanding against the husband's estate.
Read the full summary
1. Decedent and her son were sole executors and sole legatees of the estate of decedent's husband. The husband's estate was solvent, but consisted principally of real estate not readily marketable for cash. The executors substituted their own personal note for a note outstanding against the husband's estate. Held, upon the death of decedent no part of the substituted note is deductible from her estate. 2. Another note secured by real estate of the husband was likewise liquidated by the personal note of the executors secured by two parcels of real estate, one owned by the son and the other…
1Opinion of the Court
FRANCIS J. KELLY, EXECUTOR, ESTATE OF ROSE A. KELLY, DECEASED PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kelly v. Commissioner
Docket No. 70899.
United States Board of Tax Appeals
31 B.T.A. 941; 1934 BTA LEXIS 1010;
December 26, 1934, Promulgated
1. Decedent and her son were sole executors and sole legatees of the estate of decedent's husband. The husband's estate was solvent, but consisted principally of real estate not readily marketable for cash. The executors substituted their own personal note for a note outstanding against the husband's estate. Held, upon the death of…
2Cases cited1 opinion
- Kelly v. CommissionerUnited States Board of Tax Appeals · 1934