Archbold v. Commissioner
United States Board of Tax Appeals
The basis for computing gain or loss from the sale in 1933 by an individual of property which had been received by distribution from a trustee of a trust created gratuitously by his grandparent before 1921 is the basis of the trustee and not the value of the property when received by distribution.
1Opinion of the Court
*1239OPINION.
Sternhagen :
Each of the petitioners in 1933 sold securities which he had received after 1925 from the trustee of an express inter vivos trust created prior to January 1, 1921, by each of two of his grandparents, and upon such sale computed his gain or loss upon the basis of the value of the securities at the time they were received by him from the trustee. The Commissioner held that the proper basis was that which would have been applicable to the trustee had the trustee sold. As to each petitioner, use of the trustee’s basis resulted in a greater gain or smaller loss than the…
2Cases cited1 opinion
- Taft v. BowersSupreme Court of the United States · 1929
3Cited by8 opinions
- Howard v. CommissionerUnited States Tax Court · 1959
- Jones v. CommissionerUnited States Tax Court · 1973
- Archbold v. CommissionerUnited States Board of Tax Appeals · 1939
- Howard v. CommissionerUnited States Tax Court · 1959
- Howard v. CommissionerUnited States Tax Court · 1959
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