Augustus v. Commissioner
United States Board of Tax Appeals
1. Petitioner acquired certain real and personal property by bequest, devise, or inheritance from her father. Possession of this property was acquired by her upon termination of a trust created by her father's will.
Read the full summary
1. Petitioner acquired certain real and personal property by bequest, devise, or inheritance from her father. Possession of this property was acquired by her upon termination of a trust created by her father's will. Held, that, with respect to such property, the "time of such acquisition", as that term is used in sections 113(a)(5) of the Revenue Acts of 1934 and 1936, is the date of death of petitioner's father, irrespective of whether the interests acquired by her on that date were vested or contingent, and their fair market values on that date are to be used in computing the gain or loss…
1Dissent
Black,
dissenting: It is petitioner’s contention in this proceeding that the interest which she received in the property conveyed by her father’s will to a testamentary trust was a contingent remainder and *1209that this interest in such property did not become vested until the date of the death of her mother, November 9,1928.
The law of New York controls the question. Forbes v. Commissioner, 82 Fed. (2d) 204. Under the laws of the State of New York, I think petitioner had only a contingent remainder under the terms of the testamentary trust. Under the will of petitioner’s father, petitioner’s…
2Cases cited4 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- In re the Estate of NugentNew York Surrogate's Court · 1932
- In re the Estate of DinkelNew York Surrogate's Court · 1929
- In re the Estate of BonnerNew York Surrogate's Court · 1936