Vaira v. Commissioner
United States Tax Court
The father of petitioner Peter Vaira devised land to him on condition that he support his mother for life and pay one of his brothers $ 2,000 over a period of years. Peter accepted the devise and paid out a total of $ 24,200 in discharge of these obligations. He also added certain improvements to the property. In 1958, a portion of the property was condemned and in 1959 a payment was received.
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The father of petitioner Peter Vaira devised land to him on condition that he support his mother for life and pay one of his brothers $ 2,000 over a period of years. Peter accepted the devise and paid out a total of $ 24,200 in discharge of these obligations. He also added certain improvements to the property. In 1958, a portion of the property was condemned and in 1959 a payment was received. He elected to replace the improvements on the condemned portion under sec. 1033, I.R.C. 1954. After a subsequent hearing, an additional amount was awarded, which was received in 1962. 1. Held, since the…
1Opinion of the Court
Peter Vaira and Mary L. Vaira, Petitioners v. Commissioner of Internal Revenue, Respondent
Vaira v. Commissioner
Docket No. 559-68
United States Tax Court
52 T.C. 986; 1969 U.S. Tax Ct. LEXIS 55;
September 24, 1969, Filed
Decision will be entered under Rule 50.
The father of petitioner Peter Vaira devised land to him on condition that he support his mother for life and pay one of his brothers $ 2,000 over a period of years. Peter accepted the devise and paid out a total of $ 24,200 in discharge of these obligations. He also added certain improvements to the property. In 1958, a portion of the…
2Cases cited59 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Crane v. CommissionerSupreme Court of the United States · 1947
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
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