Madden v. Commissioner
United States Tax Court
In the Federal estate tax return for his deceased wife, the petitioner included in gross estate one-half of the value of certain stock owned by them as joint tenants. Subsequently, the petitioner sold the stock and included in his basis the value as reported for Federal estate tax purposes.
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In the Federal estate tax return for his deceased wife, the petitioner included in gross estate one-half of the value of certain stock owned by them as joint tenants. Subsequently, the petitioner sold the stock and included in his basis the value as reported for Federal estate tax purposes. Held, the petitioner has failed to sustain his burden of proving that any portion of the stock was required to be included in his deceased wife's gross estate, and accordingly, his basis in such stock for the purpose of determining gain or loss is its cost.
1Opinion of the Court
Richard V. Madden and Margaret J. Madden, Petitioners v. Commissioner of Internal Revenue, Respondent
Madden v. Commissioner
Docket Nos. 4407-66, 4572-66
United States Tax Court
52 T.C. 845; 1969 U.S. Tax Ct. LEXIS 71;
August 21, 1969, Filed
Decisions will be entered under Rule 50.
In the Federal estate tax return for his deceased wife, the petitioner included in gross estate one-half of the value of certain stock owned by them as joint tenants. Subsequently, the petitioner sold the stock and included in his basis the value as reported for Federal estate tax purposes. Held, the petitioner has failed…
2Cases cited5 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Lang v. CommissionerSupreme Court of the United States · 1933
- Cohen v. CommissionerUnited States Board of Tax Appeals · 1930
- Madden v. CommissionerUnited States Tax Court · 1969
- Trafton v. CommissionerUnited States Tax Court · 1956