Provident Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Section 44(d) of Revenue Act of 1928, providing for recognition of gain or loss upon transmission of installment obligations, held valid, the transmission in this case being occasioned by the death of the owner, following Estate of Erskine M. Ross,29 B.T.A. 227. 2. The land sold by the decedent was a capital asset, and the income, represented by installment obligations, which became subject to tax upon the death of the owner of the obligations is taxable as capital gain.
1Opinion of the Court
OPINION.
Arundell :
The respondent determined a deficiency in income tax of the decedent for the period in 1929 from' January 1 to November 18, the date of death, in the amount of $52 788.71. The deficiency arises out of respondent’s application of section 44 (d) of the Revenue Act of 1928 to installment obligations owned by the decedent at the time of death. That is, he determined that gain resulted from the transmission of the installment obligations upon the death of decedent.
We adopt as our findings of fact the stipulation filed by the parties. The stipulation shows that subsequent to March…
2Cases cited2 opinions
- Watson v. CommissionerUnited States Board of Tax Appeals · 1932
- Ross v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by6 opinions
- Crane v. CommissionerUnited States Board of Tax Appeals · 1934
- Williams v. CommissionerUnited States Board of Tax Appeals · 1934
- Crane v. CommissionerUnited States Board of Tax Appeals · 1934
- Ferguson v. CommissionerUnited States Board of Tax Appeals · 1936
- Provident Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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