Estate of Ennis v. Commissioner

OPINION.

Nice, Jvdge:

This same contract was before us in Nina J. Ennis, 17 T. C. 465 (1951), wherein we held that decedent’s wife did not realize taxable gain on the sale of her one-half interest in the Deer Head Inn in 1945. This, we said, was so because the contractual obligation of the Figleys was not the “equivalent of cash” and the only “amount realized” was the amount of cash received in 1945, which was less than her basis for the property. Following the promulgation of our Opinion on September 27,1951, the respondent filed a motion for rehearing on the grounds that he was prepared to…