Spero v. Commissioner
United States Tax Court
1. Basis -- Stock Sold by Trust. -- Basis of stock sold by trustee under a trust instrument which granted trustee the right to invade corpus for benefit of settlor but did not reserve right to settlor to revoke, held, to be cost of stock to settlor under provisions of section 113 (a) (2) of 1939 Internal Revenue Code. 2. Basis -- Payment to Widow, Attorneys' Fees and Estate Taxes. -- Amount paid to settlor's widow in compromise of suit brought by her claiming widow's share…
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1. Basis -- Stock Sold by Trust. -- Basis of stock sold by trustee under a trust instrument which granted trustee the right to invade corpus for benefit of settlor but did not reserve right to settlor to revoke, held, to be cost of stock to settlor under provisions of section 113 (a) (2) of 1939 Internal Revenue Code. 2. Basis -- Payment to Widow, Attorneys' Fees and Estate Taxes. -- Amount paid to settlor's widow in compromise of suit brought by her claiming widow's share under State law, amount paid to attorneys in such litigation and Federal and State estate taxes paid, held, not to be…
1Opinion of the Court
Trust of Harold B. Spero, u/a Dated March 29, 1939, Gerald D. Spero, Trustee, Petitioner, v. Commissioner of Internal Revenue, Respondent
Spero v. Commissioner
Docket No. 59444
United States Tax Court
30 T.C. 845; 1958 U.S. Tax Ct. LEXIS 142;
June 30, 1958, Filed
Decision will be entered for the respondent.
1. Basis -- Stock Sold by Trust. -- Basis of stock sold by trustee under a trust instrument which granted trustee the right to invade corpus for benefit of settlor but did not reserve right to settlor to revoke, held, to be cost of stock to settlor under provisions of section 113 (a) (2) of 1939…
2Cases cited19 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Lyeth v. HoeySupreme Court of the United States · 1938
- Trust Under the Will of Bingham v. CommissionerSupreme Court of the United States · 1945
- JONES'ESTATE v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1942
- Bowers v. LumpkinCourt of Appeals for the Fourth Circuit · 1944
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