Kiser v. Commissioner
United States Tax Court
In 1893 William and John Kiser inherited, in equal shares, property which was managed as a joint business and not partitioned until 1936. John died in 1919, having withdrawn more than William and leaving his wife an income for life, with his share to go thereafter to William or his heirs.
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In 1893 William and John Kiser inherited, in equal shares, property which was managed as a joint business and not partitioned until 1936. John died in 1919, having withdrawn more than William and leaving his wife an income for life, with his share to go thereafter to William or his heirs. In a partition and accounting in 1936, the court decreed that in 1919 John's share of the joint property was 21.58 per cent and William's was 78.42 per cent and that $ 37,922.19 of subsequent income was due John's estate, and made partition accordingly. Held, respondent erred in including in William's income…
1Opinion of the Court
OPINION.
ARNOLD, Judge:
As the result of a decree of the Superior Court of Fulton County, Georgia, entered December 17, 1936, in a partition proceeding, William H. Kiser, owner of an undivided half interest in the property, was allotted property with a valuation in excess of his half share. Of the part he was allotted in excess of this half interest, the respondent determined that William received $54,186.06 representing interest due him from his deceased brother’s estate and $33,489.48 as commissions or fees earned as executor and trustee of his brother’s estate and included those amounts in…
2Cases cited1 opinion
- Estate of Rice v. CommissionerUnited States Tax Court · 1946
3Cited by1 opinion
- Kiser v. CommissionerUnited States Tax Court · 1949