Ware v. Commissioner of Internal Revenue

LEE, Circuit Judge.

Petitioner and her husband, residents of Texas, by a contract dated May 1, 1918, conveyed a parcel of improved real estate with a depreciated cost of $14,000. The consideration was $2,500 cash and the obligation to pay to the husband the sum of $150 monthly during his lifetime and to pay thereafter to the petitioner, if she survived him, the same monthly payment during her lifetime. Petitioner and her husband by a second contract dated May 1, 1919, conveyed a second parcel of improved real estate with a depreciated cost of $8,608. The consideration was $2,650 cash and the…