Kayser v. Commissioner
United States Board of Tax Appeals
1. Held, that petitioner acquired a vested remainder in real estate upon the death of the testator in 1912; hence, value at March 1, 1913, is basis for determining gain on the sale of the property in 1924. 2. Decedent's widow elected to take under the will, in lieu of dower, and petitioner purchased her rights in the estate, agreeing to pay her the annual sum specified in the will.
Read the full summary
1. Held, that petitioner acquired a vested remainder in real estate upon the death of the testator in 1912; hence, value at March 1, 1913, is basis for determining gain on the sale of the property in 1924. 2. Decedent's widow elected to take under the will, in lieu of dower, and petitioner purchased her rights in the estate, agreeing to pay her the annual sum specified in the will. Held that, in the absence of evidence of the value of the widow's rights in the estate, no part of the sums paid her by petitioner may be treated as cost of the property. 3. The sale of stock for a nominal sum in…
1Opinion of the Court
HARRY C. KAYSER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kayser v. Commissioner
Docket No. 36652.
United States Board of Tax Appeals
27 B.T.A. 816; 1933 BTA LEXIS 1304;
February 27, 1933, Promulgated
1. Held, that petitioner acquired a vested remainder in real estate upon the death of the testator in 1912; hence, value at March 1, 1913, is basis for determining gain on the sale of the property in 1924.
2. Decedent's widow elected to take under the will, in lieu of dower, and petitioner purchased her rights in the estate, agreeing to pay her the annual sum specified in the will.…
2Cases cited1 opinion
- Kayser v. CommissionerUnited States Board of Tax Appeals · 1933