Mendelson v. Commissioner
United States Board of Tax Appeals
Under the provisions of section 202(a)(2) of the Revenue Act of 1921, the basis for determining any loss or gain in the sale of property acquired by gift after December 31, 1920, from a person who also obtained ownership by gift, is the cost of the property to the last preceding owner by whom it was not so acquired.
1Opinion of the Court
*216OPINION.
Arundell:
The decision of the issue is controlled by section 202(a) (2) of the Revenue Act of 1921, which provides, so far as is material here, that in determining loss or gain on the sale of property “ acquired by gift after December 31, 1920, the basis shall be the same as that which it would have in the hands of the donor or the last preceding owner by whom it was not acquired by gift. * * * In the case of such property acquired by gift on or before December 31, 1920, the basis for ascertaining gain or loss from a sale or other disposition thereof shall be the fair market price or…
2Cases cited1 opinion
- Taft v. BowersSupreme Court of the United States · 1929
3Cited by3 opinions
- Wurlitzer v. CommissionerUnited States Board of Tax Appeals · 1934
- Mendelson v. CommissionerUnited States Board of Tax Appeals · 1929
- Wurlitzer v. CommissionerUnited States Board of Tax Appeals · 1934