Bray v. Commissioner
United States Tax Court
Securities in an estate were sold to secure funds for administration purposes, and the selling expenses were deducted as administration expenses under section 2553, I.R.C. 1954, for estate tax purposes, and used as an offset against the selling price in computing the estate's income tax.
Read the full summary
Securities in an estate were sold to secure funds for administration purposes, and the selling expenses were deducted as administration expenses under section 2553, I.R.C. 1954, for estate tax purposes, and used as an offset against the selling price in computing the estate's income tax. Held: Such deduction and offset were proper and section 642(g), I.R.C. 1954, which is designed to disallow double deductions as between income and estate taxes, was not applicable because the selling expense was an offset against selling price and not a true deduction. The statement and waiver prescribed by…
1Opinion of the Court
OPINION
MulRoney, Judge:
Respondent determined deficiencies in the estate tax (docket No. 2757-64) and the 1961 income tax (docket No. 2758-64) of the Estate of Viola E. Bray, in the amounts of $175,294.07 and $19,434, respectively. All of the facts have been stipulated and are found accordingly.
The dockets were consolidated for trial and opinion and all of the issues have been resolved and disposed of by the parties with the exception of one issue with respect to whether an item of selling expenses of stock can be used as both an offset against the sales price of the stock in computing estate…
2Cases cited7 opinions
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Spreckels v. CommissionerSupreme Court of the United States · 1942
- Davis v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1945
- Burrow Trust v. CommissionerUnited States Tax Court · 1963
- Konner v. CommissionerUnited States Tax Court · 1961
2 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- B. C. Cook & Sons, Inc. v. CommissionerUnited States Tax Court · 1975
- Long v. CommissionerUnited States Tax Court · 1978
- Transco Exploration Co. v. CommissionerUnited States Tax Court · 1990
- In Re Estate of Marcellus L. Joslyn, Deceased. Robert D. MacDonald v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1974
- Estate of Joslyn v. CommissionerUnited States Tax Court · 1972
16 more not listed; retrieve them via the Exa API.