Dibblee v. Commissioner
United States Board of Tax Appeals
Petitioner acquired certain stocks and bonds by general bequest under the will of her mother, who died on March 28, 1926. These securities were distributed to the petitioner under a decree of final distribution dated May 21, 1927, and were sold by her on certain dates extending from April 18 to December 18, 1928. In her return for 1928 petitioner reported the profit from the sales as capital net gain.
Read the full summary
Petitioner acquired certain stocks and bonds by general bequest under the will of her mother, who died on March 28, 1926. These securities were distributed to the petitioner under a decree of final distribution dated May 21, 1927, and were sold by her on certain dates extending from April 18 to December 18, 1928. In her return for 1928 petitioner reported the profit from the sales as capital net gain. The respondent included the profit as ordinary income, upon the ground that the securities had been held by the petitioner for a period of less than two years. Held, the respondent correctly…
1Opinion of the Court
OPINION.
Matthews :
The respondent has determined a deficiency in income tax for the year 1928 in the amount of $1,690.30. Petitioner alleges that respondent erred in determining that the two-year period contemplated by the “ Capital Net Gain ” provision of section 101 of *1071the Revenue Act of 1928 commenced to run from the date of distribution to her of certain stocks which she had acquired by general bequest under the will of her deceased mother, and not from the date of her mother’s death. The parties have filed a stipulation, from which we summarize the pertinent facts as follows:
Petitioner is…
2Cases cited3 opinions
- Anderson v. WilsonSupreme Court of the United States · 1933
- Murphy v. CrouseCalifornia Supreme Court · 1901
- McFeely v. CommissionerUnited States Board of Tax Appeals · 1934
3Cited by1 opinion
- Dibblee v. CommissionerUnited States Board of Tax Appeals · 1934