Carpenter v. Commissioner
United States Board of Tax Appeals
Real estate in Illinois acquired by petitioner and her husband in 1919 as joint tenants was later sold by petitioner as surviving widow. Held, that under the provisions of section 113(a) of the Revenue Act of 1928, the basis for the determination of gain or loss upon such sale is the amount of the cost of such property, since none of the exceptions, more particularly the provisions of section 113(a)(5), dealing with the acquisition of property "by intestacy," governs.
1Opinion of the Court
HELEN G. CARPENTER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Carpenter v. Commissioner
Docket No. 54463.
United States Board of Tax Appeals
27 B.T.A. 282; 1932 BTA LEXIS 1091;
December 10, 1932, Promulgated
Real estate in Illinois acquired by petitioner and her husband in 1919 as joint tenants was later sold by petitioner as surviving widow. Held, that under the provisions of section 113(a) of the Revenue Act of 1928, the basis for the determination of gain or loss upon such sale is the amount of the cost of such property, since none of the exceptions, more particularly the…
2Cases cited1 opinion
- Carpenter v. CommissionerUnited States Board of Tax Appeals · 1932