Wright v. Commissioner

1. Petitioner's father devised and bequeathed the residue of his estate to a trustee to divide the same into two equal shares and hold one share for the benefit of petitioner, paying the net income therefrom to her quarterly, and upon her reaching certain specified ages to convey certain portions of the corpus to her, with gifts over. Held, petitioner's interest was vested at testator's death, subject to being divested if she died before the specified events. 2. The petitioner's interest being vested at the testator's death, the basis for determining gain or loss on a subsequent sale of a…