Davenport v. Commissioner
United States Tax Court
1. Petitioner acquired a contingent interest in certain property by bequest, devise, or inheritance from his father, who died in 1918. Possession of the property was not obtained until 1928, at which time a testamentary trust terminated as to his interest.
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1. Petitioner acquired a contingent interest in certain property by bequest, devise, or inheritance from his father, who died in 1918. Possession of the property was not obtained until 1928, at which time a testamentary trust terminated as to his interest. Petitioner thereafter sold the property in 1941. Held, under section 113 (a) (5), Internal Revenue Code, petitioner's basis was the fair market value of the property at the date of the death of his decedent, even though his interest at that time was a contingent one. 2. Fair market value of land and building determined as of the date of…
1Opinion of the Court
OPINION.
Aeundell, Judge:
Initially, we are confronted with the problem of whether petitioner, in computing his gain or loss from the sale of the property in question, whs entitled to use as a basis its value on July 16, 1928, at which time he received the property from the trustee, as is contended by him, or whether the proper basis was the value of the property at the time of his decedent’s death, as is urged by the respondent. The applicable statute, section 113 (a) (5),1 is set out in the margin.
Petitioner concedes that title to a vested interest in an estate relates back to the death of…
2Cases cited2 opinions
- Helvering v. ReynoldsSupreme Court of the United States · 1941
- Curie v. CommissionerUnited States Tax Court · 1945
3Cited by25 opinions
- Stone v. CommissionerUnited States Tax Court · 1954
- Gordon R. Coates and Thelma B. Coates v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1956
- Carnrick v. CommissionerUnited States Tax Court · 1947
- Dritz v. CommissionerUnited States Tax Court · 1969
- Murphy v. CommissionerUnited States Tax Court · 1954
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