Kayser v. Commissioner
United States Board of Tax Appeals
1. Held, that petitioner acquired a vested remainder in real estate upon the death of the testator in 1912; hence, value at March 1, 1913, is basis for determining gain on the sale of the property in 1924. 2. Decedent's widow elected to take under the will, in lieu of dower, and petitioner purchased her rights in the estate, agreeing to pay her the annual sum specified in the will.
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1. Held, that petitioner acquired a vested remainder in real estate upon the death of the testator in 1912; hence, value at March 1, 1913, is basis for determining gain on the sale of the property in 1924. 2. Decedent's widow elected to take under the will, in lieu of dower, and petitioner purchased her rights in the estate, agreeing to pay her the annual sum specified in the will. Held that, in the absence of evidence of the value of the widow's rights in the estate, no part of the sums paid her by petitioner may be treated as cost of the property. 3. The sale of stock for a nominal sum in…
1Opinion of the Court
*818OPINION.
ÁRUndell:
The Lexington Avenue real estate was sold by petitioner in 1924 for $99,136.50. The respondent has taken as a basis for computing gain on this sale the March 1,1913, value of the property on the theory that petitioner acquired it in 1912 under his father’s will. Petitioner’s contention is that he acquired the property in 1922 upon the death of Fischer, and the then value is the proper basis for computation of gain.
The rule established by the decided cases, under the revenue acts prior to that of 1928, is that if a remainder interest vests upon the death of the ancestor, the…
2Cases cited6 opinions
- Moore v. LittelNew York Court of Appeals · 1869
- Connelly v. . O'BrienNew York Court of Appeals · 1901
- Hersee v. . SimpsonNew York Court of Appeals · 1897
- Colonial City Traction Co. v. Kingston City RailroadNew York Court of Appeals · 1897
- In re the Transfer Tax upon the Estate of SteinwenderAppellate Division of the Supreme Court of the State of New York · 1917
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- G. E. Employees Securities Corp. v. ManningDistrict Court, D. New Jersey · 1941
- Bair v. United StatesDistrict Court, E.D. Pennsylvania · 1937
- Brumder v. United StatesDistrict Court, E.D. Wisconsin · 1944
- Kayser v. CommissionerUnited States Board of Tax Appeals · 1933
- Tichenor v. CommissionerUnited States Board of Tax Appeals · 1939