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…
1Opinion of the Court
ELIZABETH S. VALE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Vale v. Commissioner
Docket No. 53041.
United States Board of Tax Appeals
30 B.T.A. 1351; 1934 BTA LEXIS 1187;
July 31, 1934, Promulgated
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…
2Cases cited1 opinion
- Vale v. CommissionerUnited States Board of Tax Appeals · 1934