Madden v. Commissioner
United States Tax Court
In the Federal estate tax return for his deceased wife, the petitioner included in gross estate one-half of the value of certain stock owned by them as joint tenants. Subsequently, the petitioner sold the stock and included in his basis the value as reported for Federal estate tax purposes.
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In the Federal estate tax return for his deceased wife, the petitioner included in gross estate one-half of the value of certain stock owned by them as joint tenants. Subsequently, the petitioner sold the stock and included in his basis the value as reported for Federal estate tax purposes. Held, the petitioner has failed to sustain his burden of proving that any portion of the stock was required to be included in his deceased wife's gross estate, and accordingly, his basis in such stock for the purpose of determining gain or loss is its cost.
1Opinion of the Court
OPINION
Simpson, Judge:
The respondent determined deficiencies in the petitioners’ income taxes as follows:
Tawable year Deficiency
1963 -$21,191.38
1964 - 2,336. 69
The issue remaining for decision is the correct basis of certain stock sold by the petitioner, Richard V. Madden. The stock was owned in joint tenancy by the petitioner and his former wife at the time of her death. The petitioner filed a Federal estate tax return for his wife’s estate and included in gross estate one-half of the value of the stock. Relying on section 1014(a) and (b) (9) of the Internal Revenue Code of 1954,1 the…
2Cases cited4 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Lang v. CommissionerSupreme Court of the United States · 1933
- Cohen v. CommissionerUnited States Board of Tax Appeals · 1930
- Trafton v. CommissionerUnited States Tax Court · 1956
3Cited by5 opinions
- Hahn v. Comm'rUnited States Tax Court · 1998
- Richard v. Madden and Margaret J. Madden v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1971
- Hahn v. Comm'rUnited States Tax Court · 1998
- Madden v. CommissionerUnited States Tax Court · 1969
- Therese Hahn v. CommissionerUnited States Tax Court · 1998