Miriam Coward Pierson v. Commissioner of Internal Revenue

KALODNER, Circuit Judge.

This is a petition for review of the decision of the Tax Court. The primary issue presented relates to the proper basis for determining gain or loss un der Section 113(a) (5) of the Internal Revenue Code of 1939 1 2with respect to property received by the taxpayer following termination of certain trusts. A contingent secondary issue is whether the distribution of trust property constituted an event requiring recognition of gain or loss under Section 111(a) of the Internal Revenue Code of 1939. 2

The facts were stipulated by the taxpayer and the Commissioner, and as…