Vale v. Commissioner
United States Board of Tax Appeals
1. In 1925 the petitioner sold certain stock and bonds received by her upon a distribution in 1920 or a subsequent year of a portion of the assets of a trust estate in which in 1910 she had acquired a one-sixth residuary interest in the corpus and the income. Such interest was, under the will, charged with its proportional part of certain stated periodical payments to be made during the lives of certain other beneficiaries.
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1. In 1925 the petitioner sold certain stock and bonds received by her upon a distribution in 1920 or a subsequent year of a portion of the assets of a trust estate in which in 1910 she had acquired a one-sixth residuary interest in the corpus and the income. Such interest was, under the will, charged with its proportional part of certain stated periodical payments to be made during the lives of certain other beneficiaries. Held, that in determining the gain or loss from the sale of the stock and bonds their value on the basic date is to be reduced by a proportional part of the value of the…
1Dissent
Seawell,
dissenting: I dissent upon the grounds stated in my dissent to William Huggett, 24 B.T.A. 669, page 676, part of which is in agreement with the Circuit Court of Appeals on appeal of that case, 64 Fed. (2d) 705.
2Cases cited1 opinion
- Huggett v. CommissionerUnited States Board of Tax Appeals · 1931