Edna Rice Meissner, Dorothy M. Freeman, and Edwin B. Meissner, Jr., Executors of the Estate of Edwin B. Meissner, Deceased v. The United States

LARAMORE, Judge.

Plaintiffs are executors of the estate of Edwin B. Meissner who died on September 10, 1956, a resident of St. Louis, Missouri. Prior to June 1, 1951, the decedent had owned for more than six months 82,347 shares of St. Louis Car Company common stock. He sold this holding on June 1, 1951 for $4,940,820, payable in installments from June 15, 1951 through June 18, 1976. The initial payments totaled less than 30 percent of the selling price. The decedent properly elected to report his long-term capital gain under the installment method provided in section 44 of the Internal…