Crane v. Commissioner
United States Board of Tax Appeals
Following Provident Trust Co. of Philadelphia, Executor, of Estate of Owen Osborne,29 B.T.A. 374, held, that upon transmission of installment obligations, occasioned by the death of the owner, gain arises under section 44(d) of the Revenue Act of 1928; held, further, that such gain is a capital gain, the property sold having been a capital asset.
1Opinion of the Court
OPINION.
Aeundell :
This proceeding was initiated to test the correctness of respondent’s determination of a deficiency in the amount of $3,343.95 in income tax for the period January 1 to April 16, 1930, on which latter date Alexander B. Crane died. On the date of Crane’s death he owned certain obligations the transmission of which, occasioned by his death, respondent claims resulted in a taxable gain under section 44 (d) of the Revenue Act of 1928.
We adopt as our findings of fact a stipulation filed by the parties. It appears that on March 1, 1913, Crane owned a tract of land in Scarsdale,…
2Cases cited2 opinions
- Ross v. CommissionerUnited States Board of Tax Appeals · 1933
- Provident Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by5 opinions
- Juda v. CommissionerUnited States Tax Court · 1988
- Williams v. CommissionerUnited States Board of Tax Appeals · 1934
- Crane v. CommissionerUnited States Board of Tax Appeals · 1934
- Juda v. CommissionerUnited States Tax Court · 1988
- Williams v. CommissionerUnited States Board of Tax Appeals · 1934