Faraco v. Commissioner
United States Tax Court
Petitioner and her late husband owned a parcel of real estate as tenants by the entirety with the common law right of survivorship.
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Petitioner and her late husband owned a parcel of real estate as tenants by the entirety with the common law right of survivorship. Held, the basis for depreciation for petitioner in 1954 was the cost at the time the property was acquired and not the fair market value at the time of the husband's death in 1953. Held, further, the constitutionality of section 2, I. R. C. 1954, was not properly raised by a petition that failed to state the specific constitutional provision alleged to have been violated.
1Opinion of the Court
OPINION.
Mulroney, Judge:
The respondent determined a deficiency in the income tax of petitioner for the year 1954 in the amount of $364.20. Petitioner either does not contest or concedes the correctness of the adjustments upon which the deficiency is based and the only question for determination is whether the basis for depreciation of certain real estate should be the cost of such property at the time it was acquired by the petitioner and her late husband, Joseph L. Arnold, as tenants by the entirety with the common law right of survivor-ship, or whether the basis of such property should be…
2Cases cited1 opinion
- Lang v. CommissionerSupreme Court of the United States · 1933
3Cited by14 opinions
- Levin v. CommissionerUnited States Tax Court · 1966
- Isenbergh v. CommissionerUnited States Tax Court · 1959
- Antoinette M. Faraco v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- De Mars v. CommissionerUnited States Tax Court · 1982
- Davidson v. CommissionerUnited States Tax Court · 1977
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