Estate of Skaggs v. Commissioner
United States Tax Court
Held, unless a timely election was made under sec. 754, I.R.C. 1954, the bases of the assets of a California husband-wife partnership were not adjusted on the death of the husband under sec. 1014(a) and (b)( 6), I.R.C. 1954, even though the bases of the interests of the respective partners were adjusted and both the deceased husband's interest and the surviving wife's interest were administered pursuant to State law under the supervision of the local superior court.
Read the full summary
Held, unless a timely election was made under sec. 754, I.R.C. 1954, the bases of the assets of a California husband-wife partnership were not adjusted on the death of the husband under sec. 1014(a) and (b)( 6), I.R.C. 1954, even though the bases of the interests of the respective partners were adjusted and both the deceased husband's interest and the surviving wife's interest were administered pursuant to State law under the supervision of the local superior court. Held, further, a purported election under sec. 754, I.R.C. 1954, to have the bases of the assets of the partnership adjusted for…
1Opinion of the Court
OPINION
Featherston, Judge:
Respondent determined deficiencies in petitioners’ Federal income tax for 1974 as follows:
Petitioner Deficiency
Estate of Ernest D. Skaggs . $151,858
Carolyn C. Fike . 110,113
Due to concessions by petitioners, the following issues remain for decision:(1) Whether certain assets held by a partnership, whose members, Ernest D. Skaggs and his wife, Carolyn (now Carolyn C. Fike), held their partnership interests as community property, were acquired from or passed from a decedent upon Ernest D. Skaggs’ death so that the bases of the assets of the partnership were then…
2Cases cited29 opinions
- Reaver v. CommissionerUnited States Tax Court · 1964
- Foxman v. CommissionerUnited States Tax Court · 1964
- Bayley v. CommissionerUnited States Tax Court · 1960
- Peter Mamula and Dorothy R. Mamula v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1965
- Baker Commodities, Inc. v. CommissionerUnited States Tax Court · 1967
24 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Atlantic Veneer Corp. v. CommissionerUnited States Tax Court · 1985
- Estate of Higgins v. CommissionerUnited States Tax Court · 1988
- Fischer Industries, Inc. v. CommissionerUnited States Tax Court · 1986
- Estate of Ernest D. Skaggs, Deceased, Carolyn C. Fike, and Carolyn C. Fike, Formerly Carolyn C. Skaggs v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1982
- Estate of Hoffman v. CommissionerUnited States Tax Court · 1982
7 more not listed; retrieve them via the Exa API.