Hopkins v. Commissioner
United States Board of Tax Appeals
1. Securities were distributed in 1926 to petitioner as remainderman under testamentary trusts created in 1915. Held that the date of testator's death is the time of acquisition of the securities by petitioner and value at that date is the basis for determining gain or loss on the sale in 1927. Chandler v. Field, 58 Fed.(2d) 370, followed. 2. Dividends declared and payable in 1927, checks for which were mailed in that year and received by petitioner in 1928, were properly…
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1. Securities were distributed in 1926 to petitioner as remainderman under testamentary trusts created in 1915. Held that the date of testator's death is the time of acquisition of the securities by petitioner and value at that date is the basis for determining gain or loss on the sale in 1927. Chandler v. Field, 58 Fed.(2d) 370, followed. 2. Dividends declared and payable in 1927, checks for which were mailed in that year and received by petitioner in 1928, were properly included by respondent in 1927 income. Mary Miller Braxton,22 B.T.A. 128, followed.
1Opinion of the Court
OPINION.
Arundell:
The respondent determined a deficiency in income tax for the year 1921 in the amount of $39,239.39, all of which is here in controversy. The major issue involves the basis for gain or loss on the sale of stocks and bonds distributed to petitioner as remainderman under his grandfather’s will. The facts were stipulated and we adopt, by reference, the stipulation as our findings of fact.
Petitioner’s grandfather died testate on December 13,1915. Under the will the residuary estate was left to trustees to invest and to pay one-half the income to the testator’s wife (grandmother of…
2Cases cited1 opinion
- Hoblit v. HowserIllinois Supreme Court · 1930
3Cited by4 opinions
- Perry v. CommissionerUnited States Board of Tax Appeals · 1933
- McGrath v. CommissionerUnited States Board of Tax Appeals · 1934
- Hopkins v. CommissionerUnited States Board of Tax Appeals · 1933
- Vale v. CommissionerUnited States Board of Tax Appeals · 1934