Central Trust Co. v. Commissioner
United States Board of Tax Appeals
Basis for computing gain or loss on sale of capital assets of an estate in the hands of an administrator is the value of such property at date of decedent's death. Dorothy Payne Whitney Straight, Executrix,7 B.T.A. 177.
1Opinion of the Court
OPINION.
Lansdon : The respondent has asserted a deficiency in income tax for the year 1923 in the amount of $99.49. For its cause of action the petitioner alleges that the income of the decedent’s estate for the taxable year has not been computed by the respondent in conformity with the Revenue Act of 1921, which provides:
Sec. 202. (a) That the basis for ascertaining the gain derived or loss sustained from a sale or other disposition of property, real, personal, or mixed, acquired after February 28, 1913, shall be the cost of such property; except that—
*******(3) In the ease of such property,…
2Cited by3 opinions
- Central Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Hartley v. CommissionerUnited States Board of Tax Appeals · 1933
- Pierce v. CommissionerUnited States Board of Tax Appeals · 1931