Augustus v. Commissioner
United States Board of Tax Appeals
1. Petitioner acquired certain real and personal property by bequest, devise, or inheritance from her father. Possession of this property was acquired by her upon termination of a trust created by her father's will.
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1. Petitioner acquired certain real and personal property by bequest, devise, or inheritance from her father. Possession of this property was acquired by her upon termination of a trust created by her father's will. Held, that, with respect to such property, the "time of such acquisition", as that term is used in sections 113(a)(5) of the Revenue Acts of 1934 and 1936, is the date of death of petitioner's father, irrespective of whether the interests acquired by her on that date were vested or contingent, and their fair market values on that date are to be used in computing the gain or loss…
1Opinion of the Court
OPINION.
Leech:
Respondent Ras determined deficiencies in income tax ox $75,944.65 and $41,386.34 for the calendar years 1935 and 1936, respectively. Tke proceeding was submitted upon stipulations of fact under Rule 30 of tke Board’s Rules of Practice. In determining gain or loss upon disposition by petitioner of certain securities and property received by ker from tke estate of ker fatker, respondent kas used as a basis to petitioner tkeir fair market value at tke date of deatk of ker fatker, wkereas petitioner contends tkat suck basis is tke value of tke property wken distributed to ker upon…
2Cases cited4 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- Helvering v. Morgan's, Inc.Supreme Court of the United States · 1934
- McFeely v. CommissionerSupreme Court of the United States · 1935
3Cited by8 opinions
- Janis v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 2006
- Estate of Larson v. CommissionerUnited States Tax Court · 1944
- Jones v. CommissionerUnited States Tax Court · 1973
- Augustus v. CommissionerUnited States Board of Tax Appeals · 1939
- Brown Shoe Co. v. CommissionerUnited States Board of Tax Appeals · 1941
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