Ayer v. Commissioner
United States Board of Tax Appeals
1. Legal expenses paid by the executors of an estate in the process of administration in defending an action for an additional Federal estate tax held not to be an allowable deduction in determining the net income of the estate for the taxable year. 2. Prior to March 1, 1913, the decedent acquired certain corporate stocks which upon his death in 1918 passed to his executors who thereafter sold them.
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1. Legal expenses paid by the executors of an estate in the process of administration in defending an action for an additional Federal estate tax held not to be an allowable deduction in determining the net income of the estate for the taxable year. 2. Prior to March 1, 1913, the decedent acquired certain corporate stocks which upon his death in 1918 passed to his executors who thereafter sold them. Held that the basis for determining the gain or loss resulting from the sale is the value of the stocks at the date of the decedent's death and not cost or March 1, 1913, value whichever is…
1Opinion of the Court
JAMES C. AYER ET AL., TRUSTEES, ESTATE OF FREDERICK AYER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Ayer v. Commissioner
Docket No. 43862.
United States Board of Tax Appeals
26 B.T.A. 9; 1932 BTA LEXIS 1383;
May 6, 1932, Promulgated
1. Legal expenses paid by the executors of an estate in the process of administration in defending an action for an additional Federal estate tax held not to be an allowable deduction in determining the net income of the estate for the taxable year.
2. Prior to March 1, 1913, the decedent acquired certain corporate stocks which upon his death in 1918…
2Cases cited2 opinions
- Ayer v. CommissionerUnited States Board of Tax Appeals · 1932
- Straight v. CommissionerUnited States Board of Tax Appeals · 1927