Vanderbilt v. Commissioner
United States Board of Tax Appeals
1. Interest accrued to the date of the decedent's death on securities owned by him and dividends declared prior to his death but payable after his death on stocks owned by him were a part of the corpus or principal of his estate. 2. The collection by the petitioners of the interest accrued to the date of the decedent's death on securities owned by him and of dividends declared prior to but payable after his death on stocks owned by him was a mere conversion in cash of…
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1. Interest accrued to the date of the decedent's death on securities owned by him and dividends declared prior to his death but payable after his death on stocks owned by him were a part of the corpus or principal of his estate. 2. The collection by the petitioners of the interest accrued to the date of the decedent's death on securities owned by him and of dividends declared prior to but payable after his death on stocks owned by him was a mere conversion in cash of capital assets of his estate. Only so much of the proceeds of the conversion as exceeded the fair market value at the date of…
1Opinion of the Court
*292OPINION.
Smith :
That a decedent and h,is estate are separate taxable entities is well settled. Catherwood v. United States, 280 Fed. 241; (C. C. A.), 291 Fed. 560; Bankers Trust Co. v. Bowers, 295 Fed. 89; Nichols v. United States, 64 Ct. Cls. 241; Walter R. McCarthy, Executor, 9 B. T. A. 525.
Section 402 of the Revenue Act of 1918 provides in part as follows:
That the value of the gross estate of the decedent shall be determined by including the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated—(a) To the extent of the interest therein…
2Cases cited7 opinions
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- Mason v. RoutzahnSupreme Court of the United States · 1927
- Kern River Co. v. United StatesSupreme Court of the United States · 1921
- Bankers' Trust Co. v. BowersCourt of Appeals for the Second Circuit · 1923
- United States v. Supplee-Biddle Hardware Co.Supreme Court of the United States · 1924
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3Cited by10 opinions
- Sletteland v. CommissionerUnited States Tax Court · 1965
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- Tutwiler v. CommissionerUnited States Board of Tax Appeals · 1933
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