Bankers' Trust Co. v. Bowers

(after stating the facts as above). The sole question is whether profits upon the sale of property, acquired by a. decedent during his lifetime and sold by his estate, after his death, are to be calculated for income tax purposes upon the value of the property as of the time of death, or upon its cost to the decedent during his life.

By section 219 (a) of-the Revenue Act of 1926 (26 USCA § 960, subd. [a]) the income tax imposed upon individuals is applied to “the income of estates,” including income received by estates of deceased persons during the period of administration or settlement, of…