Slack v. Commissioner
United States Board of Tax Appeals
1. The petitioner acquired by gift an interest in real property and his basis for determining gain or loss is the same as the basis to the donor. Sec. 113(a)(2), Revenue Act of 1928. 2. The donor received by specific devise a remainder interest in real property subject to an intervening life estate under will of a decedent who died in 1891. The remainderman (the donor) came into possession of the property and thereafter sold it.
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1. The petitioner acquired by gift an interest in real property and his basis for determining gain or loss is the same as the basis to the donor. Sec. 113(a)(2), Revenue Act of 1928. 2. The donor received by specific devise a remainder interest in real property subject to an intervening life estate under will of a decedent who died in 1891. The remainderman (the donor) came into possession of the property and thereafter sold it. It is held, under sections 113(a)(5) and (b) of the Revenue Act of 1928, that the basis for gain upon the sale of the entire property in 1930 is the fair market value…
1Opinion of the Court
WILLIAM H. SLACK, JR., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Slack v. Commissioner
Docket No. 77004.
United States Board of Tax Appeals
36 B.T.A. 105; 1937 BTA LEXIS 768;
June 15, 1937, Promulgated
1. The petitioner acquired by gift an interest in real property and his basis for determining gain or loss is the same as the basis to the donor. Sec. 113(a)(2), Revenue Act of 1928.
2. The donor received by specific devise a remainder interest in real property subject to an intervening life estate under will of a decedent who died in 1891. The remainderman (the donor) came into…
2Cases cited2 opinions
- Vale v. CommissionerUnited States Board of Tax Appeals · 1934
- Slack v. CommissionerUnited States Board of Tax Appeals · 1937