Post v. Commissioner
United States Tax Court
In 1928, the grantor transferred rental income property to a trust reserving for himself the life income therefrom. He also retained the power to alter and amend the terms of the trust and to change the beneficiaries, of whom petitioner was one, so long as he did not revoke the trust or exercise such powers so as to revest in himself or his estate any part of the principal of the trust.
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In 1928, the grantor transferred rental income property to a trust reserving for himself the life income therefrom. He also retained the power to alter and amend the terms of the trust and to change the beneficiaries, of whom petitioner was one, so long as he did not revoke the trust or exercise such powers so as to revest in himself or his estate any part of the principal of the trust. The grantor died in 1944. Petitioner and the other beneficiaries received the property at that time and thereafter rented it. In 1945, they sold the property and reported a loss by taking the grantor's basis…
1Opinion of the Court
OPINION.
Bice, Judge:
This proceeding involves the following deficiencies in income tax:
Year Deficiency
1945_$542.19
1946- 983.52
1947- 501.74
The issues to be decided are: (1) The proper basis for computing the amount of loss sustained on the sale of property acquired from an inter vivos trust; and (2) whether the loss sustained was a capital or an ordinary loss.
All of the facts were stipulated, are so found, and are incorporated herein by this reference.
Petitioner is a resident of Huntington, New York, and .filed her returns for the years 1945 and 1946 with the former collector of internal…
2Cases cited9 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Helvering v. ReynoldsSupreme Court of the United States · 1941
- Hazard v. CommissionerUnited States Tax Court · 1946
- Lagreide v. CommissionerUnited States Tax Court · 1954
- Gilford v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1953
4 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Estate of Jalkut v. CommissionerUnited States Tax Court · 1991
- American Can Co. v. CommissionerUnited States Tax Court · 1961
- Miriam Coward Pierson v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Boston Safe Deposit & Trust Co. v. State Tax CommissionMassachusetts Supreme Judicial Court · 1963
- Spero v. CommissionerUnited States Tax Court · 1958
8 more not listed; retrieve them via the Exa API.