Roebling v. Commissioner
United States Board of Tax Appeals
1. Held, that under the law of New Jersey the petitioner acquired under his father's will a vested interest in certain securities held in trust, and that the "time of such acquisition" within the meaning of section 204(a)(5) of the Revenue Act of 1926 was the date of his father's death. 2. The income of a trust during the portion of the year 1925 prior to September 22, which was, in accordance with the provisions of the testamentary trust, paid over to the petitioner as…
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1. Held, that under the law of New Jersey the petitioner acquired under his father's will a vested interest in certain securities held in trust, and that the "time of such acquisition" within the meaning of section 204(a)(5) of the Revenue Act of 1926 was the date of his father's death. 2. The income of a trust during the portion of the year 1925 prior to September 22, which was, in accordance with the provisions of the testamentary trust, paid over to the petitioner as beneficiary upon attaining his majority on September 22, 1925, is taxable to the petitioner in the year 1925 under the…
1Opinion of the Court
*648OPINION.
McMahon:
We shall first determine the basis to be used in the computation of the gain derived by the petitioner upon the sale by him in 1925 for $69,746.87 of certain securities which had been delivered to him on September 22, 1925, the date petitioner came of age, by trustees in accordance with the terms of his father’s will. We are governed by section 204 (a) (5) of the Revenue Act of 1926,1 which provides that the basis in the case of property acquired by bequest, devise, or inheritance, shall be the fair market value of such property at the time of such acquisition. The respondent…
2Cases cited19 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Brewster v. GageSupreme Court of the United States · 1930
- Irwin v. GavitSupreme Court of the United States · 1925
- Anderson v. WilsonSupreme Court of the United States · 1933
- Uterhart v. United StatesSupreme Court of the United States · 1916
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3Cited by10 opinions
- Spreckels v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1939
- County Nat. Bank & Trust Co. v. HelveringCourt of Appeals for the D.C. Circuit · 1941
- Fox River Paper Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- McGrath v. CommissionerUnited States Board of Tax Appeals · 1934
- Wright v. CommissionerUnited States Board of Tax Appeals · 1934
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