Estate of Dorn v. Commissioner
United States Tax Court
Held, in computing the loss realized upon the sale of property, petitioner is entitled to offset the sales proceeds by the expenses of sale, notwithstanding his prior deduction of same as administration expenses on his estate tax return. Sec. 642(g), I.R.C. 1954, is applicable to statutory deductions rather than offsets. Estate of Viola E. Bray, 46 T.C. 577 (1966), affd. 396 F. 2d 452 (C.A. 6, 1968), followed.
1Opinion of the Court
OPINION
Fat, Judge:
Respondent determined a deficiency in the income tax of petitioner for the taxable year beginning November 12, 1964, and ending October 31,1965, in the sum of $1,343.77. The sole issue for decision is whether in computing gain (or loss) realized from the sale of property, petitioner, who previously deducted the selling expenses incurred in such sale as administration expenses on its estate tax return, is precluded by section 642(g)1 from offsetting the proceeds of' sale by the amount of such selling expenses.
The facts have been fully stipulated by the parties. The…
2Cases cited8 opinions
- Commissioner v. SullivanSupreme Court of the United States · 1958
- General American Investors Co. v. CommissionerSupreme Court of the United States · 1955
- Spreckels v. CommissionerSupreme Court of the United States · 1942
- Dwight A. Ward v. Commissioner of Internal Revenue, Hanna P. Ward v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Ward v. CommissionerUnited States Tax Court · 1953
3 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- B. C. Cook & Sons, Inc. v. CommissionerUnited States Tax Court · 1975
- Transco Exploration Co. v. CommissionerUnited States Tax Court · 1990
- Estate of Joslyn v. CommissionerUnited States Tax Court · 1972
- Commerce Trust Company and Robert W. Willits, Executors of the Estate of William G. Parrott, Deceased v. United StatesCourt of Appeals for the Eighth Circuit · 1971
- B. C. Cook & Sons, Inc. v. CommissionerUnited States Tax Court · 1975
3 more not listed; retrieve them via the Exa API.