Crews v. Commissioner
United States Board of Tax Appeals
1. Where a contract for the sale of a farm, executed by both the owners of the fee and the owner of a life estate therein, provided that the life owner should receive all interest and benefit from the principal purchase price during his life, and the fee owners were entitled to none of the proceeds nor the use thereof during his life, the initial payment under the contract made to the common agent of both grantors was a payment to, and a receipt thereof by, the owner of the…
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1. Where a contract for the sale of a farm, executed by both the owners of the fee and the owner of a life estate therein, provided that the life owner should receive all interest and benefit from the principal purchase price during his life, and the fee owners were entitled to none of the proceeds nor the use thereof during his life, the initial payment under the contract made to the common agent of both grantors was a payment to, and a receipt thereof by, the owner of the life estate. 2. And where such contract further provided that the owner of the life estate should be reimbursed, out of…
1Opinion of the Court
ESTATE OF C. W. CREWS, KATE DOWNING CREWS, ADMINISTRATRIX, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Crews v. Commissioner
Docket No. 981.
United States Board of Tax Appeals
8 B.T.A. 301; 1927 BTA LEXIS 2907;
September 27, 1927, Promulgated
1. Where a contract for the sale of a farm, executed by both the owners of the fee and the owner of a life estate therein, provided that the life owner should receive all interest and benefit from the principal purchase price during his life, and the fee owners were entitled to none of the proceeds nor the use thereof during his life, the…
2Cases cited1 opinion
- Estate of Crews v. CommissionerUnited States Board of Tax Appeals · 1927