Levy v. Commissioner
United States Tax Court
Basis for Gain or Loss -- Effect of Payment of Estate Tax on Donor's Estate After Sale of Stock. -- The basis of stock acquired by gifts in contemplation of death may not be increased by the amount of Federal estate tax on the estate of the donor which the donee paid in a year subsequent to the year of sale of the stock.
1Opinion of the Court
Estate of Hetty B. Levy, Deceased, Miriam Mayer and Maurice M. Fierman, Executors, Petitioner, v. Commissioner of Internal Revenue, Respondent
Levy v. Commissioner
Docket No. 19635
United States Tax Court
17 T.C. 728; 1951 U.S. Tax Ct. LEXIS 51;
October 30, 1951, Promulgated
Decision will be entered for the respondent.
Basis for Gain or Loss -- Effect of Payment of Estate Tax on Donor's Estate After Sale of Stock. -- The basis of stock acquired by gifts in contemplation of death may not be increased by the amount of Federal estate tax on the estate of the donor which the donee paid in a year…
2Cases cited10 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- JONES'ESTATE v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1942
- Pittman v. CommissionerUnited States Tax Court · 1950
- Commissioner of Internal Revenue v. Switlik (Four Cases)Court of Appeals for the Third Circuit · 1950
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