Huggett v. Commissioner
United States Board of Tax Appeals
Petitioner and his wife filed joint returns for 1925 and 1926. The wife's grandmother died testate in 1912, giving her daughter a life interest in half the income from securities, with a part of the remainder over to the granddaughter, the petitioner's wife. The life tenant died May 15, 1924. In 1925 and 1926 petitioner's wife sold stock distributed to her as remainderman.
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Petitioner and his wife filed joint returns for 1925 and 1926. The wife's grandmother died testate in 1912, giving her daughter a life interest in half the income from securities, with a part of the remainder over to the granddaughter, the petitioner's wife. The life tenant died May 15, 1924. In 1925 and 1926 petitioner's wife sold stock distributed to her as remainderman. Held, following Rodman E. Griscom,22 B.T.A. 979, that March 1, 1913, is the basic date for determining gain or loss. Held, further, that the basis is the value of the remainderman's interest as distinguished from the value…
1Opinion of the Court
WILLIAM HUGGETT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Huggett v. Commissioner
Docket No. 45831.
United States Board of Tax Appeals
24 B.T.A. 669; 1931 BTA LEXIS 1611;
November 8, 1931, Promulgated
Petitioner and his wife filed joint returns for 1925 and 1926. The wife's grandmother died testate in 1912, giving her daughter a life interest in half the income from securities, with a part of the remainder over to the granddaughter, the petitioner's wife. The life tenant died May 15, 1924. In 1925 and 1926 petitioner's wife sold stock distributed to her as remainderman. Held,…
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- Simpson v. United StatesSupreme Court of the United States · 1920
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