Augustus v. Commissioner

1. Petitioner acquired certain real and personal property by bequest, devise, or inheritance from her father. Possession of this property was acquired by her upon termination of a trust created by her father's will. Held, that, with respect to such property, the "time of such acquisition", as that term is used in sections 113(a)(5) of the Revenue Acts of 1934 and 1936, is the date of death of petitioner's father, irrespective of whether the interests acquired by her on that date were vested or contingent, and their fair market values on that date are to be used in computing the gain or loss…