Austin v. Commissioner
United States Board of Tax Appeals
1. The Revenue Act of 1918 does not permit the deduction as a bad debt of a part of an account or debt, the remainder being considered collectible. 2. A debt due to the decedent at the time of his death passes to his estate as capital or corpus of the estate, and the subsequent payment thereof, not in excess of the value of the debt at the date of decedent's death, is not taxable income to the estate. 3. The sale of stock under the circumstances obtaining and approximately…
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1. The Revenue Act of 1918 does not permit the deduction as a bad debt of a part of an account or debt, the remainder being considered collectible. 2. A debt due to the decedent at the time of his death passes to his estate as capital or corpus of the estate, and the subsequent payment thereof, not in excess of the value of the debt at the date of decedent's death, is not taxable income to the estate. 3. The sale of stock under the circumstances obtaining and approximately six months after the date of decedent's death is not alone sufficient to establish the value of such stock as of the date…
1Opinion of the Court
ESTATE OF A. PLUMER AUSTIN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Austin v. Commissioner
Docket No. 9357.
United States Board of Tax Appeals
10 B.T.A. 1055; 1928 BTA LEXIS 3975;
February 28, 1928, Promulgated
1. The Revenue Act of 1918 does not permit the deduction as a bad debt of a part of an account or debt, the remainder being considered collectible.
2. A debt due to the decedent at the time of his death passes to his estate as capital or corpus of the estate, and the subsequent payment thereof, not in excess of the value of the debt at the date of decedent's death, is not…
2Cases cited1 opinion
- Austin v. CommissionerUnited States Board of Tax Appeals · 1928