Legal Opinion
Herbert's Estate v. Commissioner of Internal Revenue
Court of Appeals for the Third Circuit
Decided December 30, 1943No. 8500PublishedCited by 32 opinions
1Opinion of the Court
GOODRICH, Circuit Judge.
John W. Herbert died in 1934. His executors are the taxpayers in this litigation which concerns the liability of the estate for income taxes on monies received by the estate in 1938 and 1939. When Herbert died, he had a claim against a New Jersey corporation, of which he was sole stockholder, in the face amount of $531,817.75, represented by notes and an open account. Counsel for the taxpayers and the Bureau of Internal Revenue stipulated that the fair market value of this claim at the time of death was $200,191.-90. The taxpayers, to whom the claim passed as an asset,…
2Cases cited4 opinions
- Hartley v. CommissionerSupreme Court of the United States · 1935
- Helvering v. RothCourt of Appeals for the Second Circuit · 1940
- Long v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1938
- Ayer v. BlairCourt of Appeals for the D.C. Circuit · 1928
3Cited by32 opinions
- Alexander v. Internal Revenue Service of the United StatesCourt of Appeals for the First Circuit · 1995
- Osenbach v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1952
- Woodsam Associates, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1952
- Freeman v. CommissionerUnited States Tax Court · 1959
- Alexander v. CommissionerUnited States Tax Court · 1995
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