Timanus v. Commissioner
United States Tax Court
1. Held, under sections 113(a) and 113(a)(5), 1939 Code, petitioner's basis of property inherited under mother's will is value at date of her death, and petitioner's basis of other properties bequeathed by father to him and his mother as joint tenants with right of survivorship is value at date of father's death.
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1. Held, under sections 113(a) and 113(a)(5), 1939 Code, petitioner's basis of property inherited under mother's will is value at date of her death, and petitioner's basis of other properties bequeathed by father to him and his mother as joint tenants with right of survivorship is value at date of father's death. Held, further, no deductions for depreciation are allowable. 2. Held, sale price of realty must be allocated to respective interests of petitioners and another person according to their agreement which was incorporated in contract of sale; that payments to petitioners in year of sale…
1Opinion of the Court
OPINION.
HaRROn, Judge:
Issue 1.
Petitioner’s computation of annual depreciation of three properties in Baltimore in the amount of $880 has been made on the basis of assigning a value of $44,000 to the three properties as a unit. His explanation is that after his father died, he and his mother determined the above value. The time of the father’s death was in 1920. Petitioner takes the position that his adjusted basis at the end of 1949 for all of the properties is to be determined with reference to $44,000 as the fair market value of the properties at the time of his father’s death. He has…
2Cases cited7 opinions
- Paymer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1945
- Whitfield v. CommissionerUnited States Tax Court · 1950
- Shannon v. CommissionerUnited States Tax Court · 1958
- Bartell Hotel Co. v. CommissionerUnited States Tax Court · 1959
- Kramer v. CommissionerUnited States Board of Tax Appeals · 1933
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Timanus v. CommissionerUnited States Tax Court · 1959