Legal Opinion
Commissioner of Internal Revenue v. Warren Webster No. 1
Court of Appeals for the Third Circuit
Decided October 6, 1941No. Nos. 7724, 7745, 7746PublishedCited by 5 opinions
1Opinion of the Court
MARIS, Circuit Judge.
In 1931 Warren Webster, Sr., now deceased, transferred securities, without consideration, to a trust bearing his name. At the time of the transfer the fair market value of the securities was less than the basis to the donor. In 1936 the trustees sold the securities. The sale price was less than the basis to the donor but more than the fair market value at the time of the transfer in trust. In their 1936 income tax returns the trustees used the basis to the donor in determining gain or loss resulting from the sale>and claimed a deductible loss. The Commissioner disallowed…
2Cases cited4 opinions
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Koshland v. HelveringSupreme Court of the United States · 1936
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Massachusetts Mutual Life Insurance v. United StatesSupreme Court of the United States · 1933
3Cited by5 opinions
- R. E. Schanzer, Inc. v. BowlesEmergency Court of Appeals · 1944
- Beckman Trust v. CommissionerUnited States Tax Court · 1956
- Commissioner v. Title Guarantee & Trust Co.Court of Appeals for the Second Circuit · 1941
- Beckman Trust v. CommissionerUnited States Tax Court · 1956
- Walter's Trust v. CommissionerCourt of Appeals for the Third Circuit · 1942