Timanus v. Commissioner
United States Tax Court
1. Held, under sections 113(a) and 113(a)(5), 1939 Code, petitioner's basis of property inherited under mother's will is value at date of her death, and petitioner's basis of other properties bequeathed by father to him and his mother as joint tenants with right of survivorship is value at date of father's death.
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1. Held, under sections 113(a) and 113(a)(5), 1939 Code, petitioner's basis of property inherited under mother's will is value at date of her death, and petitioner's basis of other properties bequeathed by father to him and his mother as joint tenants with right of survivorship is value at date of father's death. Held, further, no deductions for depreciation are allowable. 2. Held, sale price of realty must be allocated to respective interests of petitioners and another person according to their agreement which was incorporated in contract of sale; that payments to petitioners in year of sale…
1Opinion of the Court
G. Loutrell Timanus and Helen Timanus, Petitioners, v. Commissioner of Internal Revenue, Respondent
Timanus v. Commissioner
Docket No. 66533
United States Tax Court
32 T.C. 631; 1959 U.S. Tax Ct. LEXIS 147;
June 12, 1959, Filed
Decision will be entered under Rule 50.
1. Held, under sections 113(a) and 113(a)(5), 1939 Code, petitioner's basis of property inherited under mother's will is value at date of her death, and petitioner's basis of other properties bequeathed by father to him and his mother as joint tenants with right of survivorship is value at date of father's death. Held, further, no…
2Cases cited8 opinions
- Paymer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1945
- Whitfield v. CommissionerUnited States Tax Court · 1950
- Shannon v. CommissionerUnited States Tax Court · 1958
- Bartell Hotel Co. v. CommissionerUnited States Tax Court · 1959
- Kramer v. CommissionerUnited States Board of Tax Appeals · 1933
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