Slack v. Commissioner
United States Board of Tax Appeals
1. The petitioner acquired by gift an interest in real property and his basis for determining gain or loss is the same as the basis to the donor. Sec. 113(a)(2), Revenue Act of 1928. 2. The donor received by specific devise a remainder interest in real property subject to an intervening life estate under will of a decedent who died in 1891. The remainderman (the donor) came into possession of the property and thereafter sold it.
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1. The petitioner acquired by gift an interest in real property and his basis for determining gain or loss is the same as the basis to the donor. Sec. 113(a)(2), Revenue Act of 1928. 2. The donor received by specific devise a remainder interest in real property subject to an intervening life estate under will of a decedent who died in 1891. The remainderman (the donor) came into possession of the property and thereafter sold it. It is held, under sections 113(a)(5) and (b) of the Revenue Act of 1928, that the basis for gain upon the sale of the entire property in 1930 is the fair market value…
1Opinion of the Court
OPINION.
Harron :
This proceeding is for the redetermination of a deficiency in income tax for the year 1930 which respondent has determined to be $1,565.62. Part of this deficiency is contested by the petitioner, *106who contends that the respondent is in error as to the basis he has «determined for computing gain from the sale of an interest in real «estate under the provisions of section 113 (a) (5) and section 113 (b) of the Revenue Act of 1928. The respondent has determined that the petitioner’s gain from the sale of his interest in a parcel of real estate was greater than petitioner reported…
2Cases cited1 opinion
- Taft v. BowersSupreme Court of the United States · 1929
3Cited by1 opinion
- Slack v. CommissionerUnited States Board of Tax Appeals · 1937