McFeely v. Commissioner

These cases were brought here on writs of certiorari to resolve a conflict between Circuits with respect to the application of § 101 of the Revenue Act of 1928, 1 which permits taxpayers, at their option, to pay at the rate of twelve and one-half per cent, on capital net gains. Subsection (c) (8), so far as material, is: “‘Capital assets’ means property held by the taxpayer for more than two years . . Whether property acquired from a decedent through intestacy, or a general bequest, is, within the meaning of the clause, held by the taxpayer from the date of the decedent’s death or from the…