Haskell v. Commissioner
United States Board of Tax Appeals
Shares of corporate stock received by petitioner under the will of his wife, of which he was sole executor and sole legatee, held not to have constituted property acquired by specific bequest. Held, further, that the gain or loss from the sale thereof is, under the provisions of section 113(a)(5) of the Revenue Act of 1928, to be determined on the basis of their fair market value at the time of their distribution to the petitioner.
1Opinion of the Court
*857OPINION.
Trammell:
The petitioner contends that the 7,000 shares of the common stock of E. I. du Pont de Nemours & Co. were acquired by specific bequest and that, since he was the sole legatee and entitled to the entire estate under the will, he acquired substantial ownership of the entire estate, including the shares of stock, at the date of the death of his wife, May 12, 1929, and that the value on that date is to be used in determining the loss on the sale thereof. The respondent contends that the petitioner acquired the shares of stock by general bequest and that the value thereof on the…
2Cases cited8 opinions
- Taft v. BowersSupreme Court of the United States · 1929
- Tifft v. . PorterNew York Court of Appeals · 1853
- Kenaday v. SinnottSupreme Court of the United States · 1901
- Johnson v. GossMassachusetts Supreme Judicial Court · 1880
- Kelly v. RichardsonSupreme Court of Alabama · 1892
3 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Haskell v. CommissionerUnited States Board of Tax Appeals · 1934
- Williamson v. CommissionerUnited States Board of Tax Appeals · 1936