Harbison v. Commissioner
United States Board of Tax Appeals
1. Under section 113(a)(5) of the Revenue Act of 1928, the basis for determining gain or loss on the sale of personal property acquired by will, upon the termination of a trust, is the fair market value of the property at the time of the distribution to the taxpayer in 1925. 2. In determining the 15 per cent deduction for contributions within the purview of section 23(n) of the Revenue Act of 1928, the taxpayer having realized a capital net gain during that year and having…
Read the full summary
1. Under section 113(a)(5) of the Revenue Act of 1928, the basis for determining gain or loss on the sale of personal property acquired by will, upon the termination of a trust, is the fair market value of the property at the time of the distribution to the taxpayer in 1925. 2. In determining the 15 per cent deduction for contributions within the purview of section 23(n) of the Revenue Act of 1928, the taxpayer having realized a capital net gain during that year and having elected to have that gain taxed at the rate provided in section 101(a) of the Revenue Act of 1928, the amount of the…
1Opinion of the Court
*898OPINION.
Smith:
The first issue, common to both dockets, is the proper basis for computing the gain upon the sale of certain stock in the taxable year. This stock was distributed to the petitioners on May 11, 1925, after the termination of the trust created under the will of the petitioners’ father, who died May 11, 1905. The respondent contends that the basis is the March 1, 1913, value of the stock, whereas the petitioners contend that its value when distributed to them in 1925 is the proper basis. The basis for determining gain or loss from the sale or other disposition of property is…
2Cases cited2 opinions
- United States v. Magnolia Petroleum Co.Supreme Court of the United States · 1928
- Johnson v. United States Shipping Bd. Emergency Fleet CorporationSupreme Court of the United States · 1930
3Cited by12 opinions
- Reese v. CommissionerUnited States Board of Tax Appeals · 1934
- Commissioner of Internal Revenue v. MaguireCourt of Appeals for the Seventh Circuit · 1940
- Cox v. CommissionerUnited States Board of Tax Appeals · 1934
- Haskell v. CommissionerUnited States Board of Tax Appeals · 1934
- McFeely v. CommissionerUnited States Board of Tax Appeals · 1934
7 more not listed; retrieve them via the Exa API.