Lewis Testamentary Trust B v. Commissioner
United States Tax Court
P, a testamentary trust, sold at a gain its one-half interest in a home that was the principal residence of its income beneficiary, the decedent-settlor's surviving spouse. Held, P's net capital gain deduction under sec. 1202, I.R.C. 1954, is an item of tax preference under sec. 57(a)(9)(A), I.R.C. 1954, and is not within the "principal residence" exclusion of sec. 57(a)(9)(D), I.R.C. 1954.
1Opinion of the Court
Frank MacBoyle Lewis Testamentary Trust B Dated 8/28/78, Frances W. Lewis and Mary Ireland Ording, Trustees, Petitioner v. Commissioner of Internal Revenue, Respondent
Lewis Testamentary Trust B v. Commissioner
Docket No. 20249-81
United States Tax Court
83 T.C. 246; 1984 U.S. Tax Ct. LEXIS 38; 83 T.C. No. 16;
August 22, 1984. August 22, 1984, Filed
Decision will be entered under Rule 155.
P, a testamentary trust, sold at a gain its one-half interest in a home that was the principal residence of its income beneficiary, the decedent-settlor's surviving spouse. Held, P's net capital gain deduction…
2Cases cited12 opinions
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Lyeth v. HoeySupreme Court of the United States · 1938
- Estate of Christ v. Comm'rUnited States Tax Court · 1970
- Estate of Daisy F. Christ, Deceased, Robert Johnson Christ v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1973
- Haynes v. United StatesSupreme Court of the United States · 1957
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