Guthrie v. Commissioner
United States Board of Tax Appeals
The gain derived by a taxpayer on the receipt from an executor of a share of the proceeds of sale of the residuary estate, which share had been purchased for a less sum from the original residuary legatee, is not a capital gain the recognition of which is limited by section 117(a), Revenue Act of 1936.
1Opinion of the Court
OPINION.
Sternhagen :
Tbe Commissioner determined a deficiency of $244.07 in income tax of petitioner for 1937. He held that tbe gain realized by petitioner in tbe distribution to him of a share of the proceeds of the sale by the executor of the residue of an estate, which share petitioner had acquired by purchase, was not a capital gain with a limited recognition, but was an ordinary gain the entire amount of which must be recognized.
The facts are stipulated and are found as stipulated. The proceeding was submitted under Rule 30.
By the will of Cyrena D. Parker, probated immediately after her…
2Cases cited3 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Anderson v. WilsonSupreme Court of the United States · 1933
- Fairbanks v. United StatesSupreme Court of the United States · 1939
3Cited by10 opinions
- Lewis N. Cotlow v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1955
- Nahey v. CommissionerUnited States Tax Court · 1998
- Jones v. CommissionerUnited States Tax Court · 1963
- Bratter v. United StatesDistrict Court, S.D. New York · 1958
- Trottman v. CommissionerUnited States Tax Court · 1944
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