Brinton v. Commissioner
United States Board of Tax Appeals
1. Where a widow entitled to survivor's share of community property elects to relinquish her right therein and take under the will, she becomes a beneficiary under the will and may take after administration, only that part of the estate which was devised to her. 2. Where facts show that estate was in process of administration by independent executors up to time of distribution, the value of property as of date of distribution is the basis for determining gain upon subsequent…
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1. Where a widow entitled to survivor's share of community property elects to relinquish her right therein and take under the will, she becomes a beneficiary under the will and may take after administration, only that part of the estate which was devised to her. 2. Where facts show that estate was in process of administration by independent executors up to time of distribution, the value of property as of date of distribution is the basis for determining gain upon subsequent sale thereof by beneficiaries.
1Opinion of the Court
*475OPINION.
Goodrich :
Petitioners contend that the basis for determining the profit on the sale of the stock is the fair market value at the date of its distribution to them in 1928. Respondent has determined and maintains that the basis is the fair market value of the stock on March 1, 1913. In the case of the decedent’s widow, now Lillian McDonald Brinton, he argues that she acquired the stock in question as her share of the community property, and that her election to take under the will was a nullity. We cannot agree with this argument.
Clearly by his will the decedent disposed of his separate…
2Cases cited13 opinions
- Irwin v. GavitSupreme Court of the United States · 1925
- Smith v. ButlerTexas Supreme Court · 1892
- Ewing v. SchultzCourt of Appeals of Texas · 1920
- Heller v. HellerCourt of Appeals of Texas · 1921
- Todd v. WillisTexas Supreme Court · 1886
8 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Brinton v. CommissionerUnited States Board of Tax Appeals · 1933