Lang v. Commissioner

In 1915 petitioner and her husband purchased certain real property at a cost of $13,000, title being vested in them as tenants by the entirety. Of this amount petitioner contributed $1,560 (12 per cent.), and her husband the remaining 88 per cent. The husband died in 1924, the property at that time having a market value of $40,000; and 88 per cent, of that amount was included in the value of the decedent’s gross estate for the purposes of the federal estate tax. In 1925 the property was sold-for the sum last named. Petitioner, in her income tax return for that year, computed the profit on the…