Stern v. Commissioner
United States Tax Court
Full ownership interest received as tenant by entirety by petitioner's daughter as cograntee of petitioner held to require disallowance under section 24 (b), Internal Revenue Code, of any loss to petitioner on transfer of property.
1Opinion of the Court
OPINION.
Opper, Judge:
The question is whether there was a “sale” of petitioner’s property to a member of his family, that is his daughter, so as to forbid the deduction of any loss under section 24 (b), Internal Revenue Code.1 It is not sufficient that the property may also have been purchased by petitioner’s son-in-law. Walter Simister, Jr., 4 T. C. 470. A tenancy by the entirety confers on each grantee ownership per tout et non per my.2 Gallagher’s Estate, 352 Pa. 476, 43 A. 2d 132; Wakefield v. Wakefield, 149 Pa. Super. 9, 25 A. 2d 841. When the transfer was completed petitioner’s daughter…
Also in this document: Concurrence.
2Cases cited11 opinions
- Higgins v. SmithSupreme Court of the United States · 1940
- McWilliams v. CommissionerSupreme Court of the United States · 1947
- Gasner v. PierceSupreme Court of Pennsylvania · 1926
- C. I. T. Corporation v. FlintSupreme Court of Pennsylvania · 1939
- Gallagher EstateSupreme Court of Pennsylvania · 1945
6 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Swallows Holding, Ltd. v. Comm'rUnited States Tax Court · 2006
- Julius Long Stern and Ellen v. Stern v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1954
- Drybrough v. CommissionerUnited States Tax Court · 1964
- Westreco, Inc. v. CommissionerUnited States Tax Court · 1990
- Drybrough v. CommissionerUnited States Tax Court · 1964
3 more not listed; retrieve them via the Exa API.