Provident Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Section 44(d) of Revenue Act of 1928, providing for recognition of gain or loss upon transmission of installment obligations, held valid, the transmission in this case being occasioned by the death of the owner, following Estate of Erskine M. Ross,29 B.T.A. 227. 2. The land sold by the decedent was a capital asset, and the income, represented by installment obligations, which became subject to tax upon the death of the owner of the obligations is taxable as capital gain.
1Opinion of the Court
PROVIDENT TRUST COMPANY OF PHILADELPHIA, EXECUTOR OF THE ESTATE OF OWEN OSBORNE, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Provident Trust Co. v. Commissioner
Docket No. 59957.
United States Board of Tax Appeals
29 B.T.A. 374; 1933 BTA LEXIS 951;
November 21, 1933, Promulgated
1. Section 44(d) of Revenue Act of 1928, providing for recognition of gain or loss upon transmission of installment obligations, held valid, the transmission in this case being occasioned by the death of the owner, following Estate of Erskine M. Ross,29 B.T.A. 227.
2. The land sold by the decedent…
2Cases cited2 opinions
- Ross v. CommissionerUnited States Board of Tax Appeals · 1933
- Provident Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933