Schiesser v. Commissioner
United States Board of Tax Appeals
Where a surviving wife sold during 1927 two parcels of real estate which she and her deceased husband acquired in 1899 and in 1916, as tenants by entireties, held, the basis for determining gain or loss is the fair market value as of March 1, 1913, of that acquired in 1899 (it being greater than cost) and the cost of that acquired in 1916; held, further, the date of the death of the deceased husband is not the basic date in such determination.
1Opinion of the Court
*643OriNION.
Seawell :
With reference to the alternate allegation of error to the effect that the parcel of real estate purchased in 1899 had a fair market value on March 1, 1913, of more than $22,000 as determined by the Commissioner, to wit, a value of $50,000, counsel apparently waives the issue and admits in his brief that the fair market value is as determined and that said sum is in excess of cost.
The other issues raised persist, but appear to us to be fully decided in the case of Fannie E. Lang, 23 B.T.A. 854. Petitioner, however, says :
In the present case, we raised a point which was not…
2Cases cited4 opinions
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- Tyler v. United StatesSupreme Court of the United States · 1930
- Lang v. CommissionerSupreme Court of the United States · 1933
- Lang v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by4 opinions
- Miriam Coward Pierson v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Sucesión de Armstrong v. Tribunal de ContribucionesSupreme Court of Puerto Rico · 1952
- Heirs of Armstrong v. Tax Court of Puerto RicoSupreme Court of Puerto Rico · 1952
- Schiesser v. CommissionerUnited States Board of Tax Appeals · 1933