Du Puy v. Commissioner
United States Board of Tax Appeals
The petitioner was bequeathed a life estate in her deceased husband's residuary estate and was entitled to "the rents, issues, income and profits thereof accruing during her life." During the taxable year certain securities belonging to the residuary estate were sold at a gain over their value at the time of the testator's death, which gains were due in part to accumulated earnings since the testator's death and in part to enhancement of value.
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The petitioner was bequeathed a life estate in her deceased husband's residuary estate and was entitled to "the rents, issues, income and profits thereof accruing during her life." During the taxable year certain securities belonging to the residuary estate were sold at a gain over their value at the time of the testator's death, which gains were due in part to accumulated earnings since the testator's death and in part to enhancement of value. Held, that the entire amount of such gains representing the difference between the selling price of the securities and their value at the time of the…
1Opinion of the Court
OPINION.
Smith :
The respondent has determined a deficiency in petitioner’s income tax for 1931 in the amount of $8,693.52. So much of the deficiency as is here in dispute results from the respondent’s action, in adding to the petitioner’s income the gains realized upon the, sale .of certain securities belonging to the residuary estate of the petitioner’s deceased husband, Herbert DuPuy, in which the petitioner was bequeathed a life estate.
The petitioner’s husband, Herbert DuPuy, died testate on January 10, 1930. After making numerous specific bequests, the decedent provided in article 13 of…
2Cases cited18 opinions
- Earp's AppealSupreme Court of Pennsylvania · 1857
- Nirdlinger's EstateSupreme Court of Pennsylvania · 1927
- McConville v. InghamSupreme Court of Pennsylvania · 1920
- McKeown's EstateSupreme Court of Pennsylvania · 1919
- Appeal of ReiffSupreme Court of Pennsylvania · 1889
13 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Security-First Natlional Bank v. United StatesDistrict Court, S.D. California · 1960
- Cooke v. United StatesDistrict Court, D. Hawaii · 1953
- Du Puy v. CommissionerUnited States Board of Tax Appeals · 1935