Warner v. Commissioner
United States Board of Tax Appeals
Where a testator bequeathed and devised the residue of his estate to his two sons and another as executors for the term of five years and directed them to pay all the income to the sons and at the end of the period to distribute and turn over the corpus to them, but providing that if either died during the period his share of the income should be paid to his heirs and the corpus at the end of the period should be distributed to the heirs of his body, and where it appears…
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Where a testator bequeathed and devised the residue of his estate to his two sons and another as executors for the term of five years and directed them to pay all the income to the sons and at the end of the period to distribute and turn over the corpus to them, but providing that if either died during the period his share of the income should be paid to his heirs and the corpus at the end of the period should be distributed to the heirs of his body, and where it appears that the postponement was not for any reason personal to the sons, held, that the interests of the sons were vested as of…
1Opinion of the Court
OPINION.
Marquette :
The respondent has determined a deficiency in income tax for 1927 in the amount of $25,660.48. The principal issue is whether the proper basis for the computation of gain or loss arising from the sale of certain stocks acquired from the estate of a decedent is their fair market value at the date of the decedent’s death, or their fair market value at the time of distribution. A similar question is presented as to the stocks purchased by the executors. The petitioner insists that his interest in the decedent’s estate was contingent and therefore he did not acquire the stocks…
2Cases cited12 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- Irwin v. GavitSupreme Court of the United States · 1925
- Fulton Trust Co. v. . PhillipsNew York Court of Appeals · 1916
- Vanderpoel v. . LoewNew York Court of Appeals · 1889
- Carper v. CrowlIllinois Supreme Court · 1894
7 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Burns v. CommissionerUnited States Board of Tax Appeals · 1934
- Beers v. CommissionerUnited States Board of Tax Appeals · 1934
- Henry A. Cleland Estate Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Warner v. CommissionerUnited States Board of Tax Appeals · 1933