Straight v. Commissioner
United States Board of Tax Appeals
A decedent acquired certain property subsequent to March 1, 1913. Upon his death the property passed to his executrix and was thereafter sold by her. Held, that the basis for determining the gain or loss resulting from the sale is the value of the property at the date of the decedent's death and not the cost to the decedent.
1Opinion of the Court
*178OPINION.
Geeen :
The facts in the case are not in dispute and are comparatively simple. Petitioner advances two contentions: (1) That “the law does not embrace as taxable gain income arising from a sale by an executrix such as here occurred because no basis for determining the gain is here provided for”; and (2) if any taxable gain resulted, “ the basis is the cost to the testator of the stock and the taxable gain the difference between such cost and the sale price received by the executrix.”
The pertinent sections of the Revenue Act of 1918 are as follows:
Sec. 219. (a) That the tax imposed by…
2Cases cited6 opinions
- Merchants' Loan & Trust Co. v. SmietankaSupreme Court of the United States · 1921
- Lynch v. TurrishSupreme Court of the United States · 1918
- Bankers' Trust Co. v. BowersCourt of Appeals for the Second Circuit · 1923
- United States v. Supplee-Biddle Hardware Co.Supreme Court of the United States · 1924
- Gray v. DarlingtonSupreme Court of the United States · 1872
1 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Ayer v. CommissionerUnited States Board of Tax Appeals · 1932
- Central Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Hartley v. CommissionerUnited States Board of Tax Appeals · 1933
- Markle v. CommissionerUnited States Board of Tax Appeals · 1928
- Pierce v. CommissionerUnited States Board of Tax Appeals · 1931
1 more not listed; retrieve them via the Exa API.