McFeely v. Commissioner
United States Board of Tax Appeals
On August 1, 1925, the petitioner was given by her mother a 10 percent interest in her share in the estate of T. H. Given, in process of administration. At that time the estate had on hand a large amount of securities and more than enough cash to pay its known or probable liabilities. The distributees had agreed to receive their shares in kind, which agreement was of record in court proceedings.
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On August 1, 1925, the petitioner was given by her mother a 10 percent interest in her share in the estate of T. H. Given, in process of administration. At that time the estate had on hand a large amount of securities and more than enough cash to pay its known or probable liabilities. The distributees had agreed to receive their shares in kind, which agreement was of record in court proceedings. On November 3, 1927, there were distributed to the petitioner 1,000 shares of Radio "A" common stock which the petitioner sold on March 14, 1929, at a large profit. In her return for 1929 she reported…
1Opinion of the Court
NANCY K. MCFEELY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McFeely v. Commissioner
Docket No. 69492.
United States Board of Tax Appeals
29 B.T.A. 998; 1934 BTA LEXIS 1443;
February 2, 1934, Promulgated
On August 1, 1925, the petitioner was given by her mother a 10 percent interest in her share in the estate of T. H. Given, in process of administration. At that time the estate had on hand a large amount of securities and more than enough cash to pay its known or probable liabilities. The distributees had agreed to receive their shares in kind, which agreement was of record in…
2Cases cited1 opinion
- McFeely v. CommissionerUnited States Board of Tax Appeals · 1934