Matthiessen v. Commissioner
United States Board of Tax Appeals
1. A residuary legatee under a will acquired personal property within the meaning of section 213(b)(3) of the Revenue Act of 1918, when distributed by the executor or trustee, and not at the death of the testator, for the purpose of computing the gain or loss upon the subsequent sale thereof. 2. Upon the evidence submitted, held, that taxpayer acquired the stock, the profit upon the sale of which is here in controversy, on March 13, 1918, under a distribution agreement…
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1. A residuary legatee under a will acquired personal property within the meaning of section 213(b)(3) of the Revenue Act of 1918, when distributed by the executor or trustee, and not at the death of the testator, for the purpose of computing the gain or loss upon the subsequent sale thereof. 2. Upon the evidence submitted, held, that taxpayer acquired the stock, the profit upon the sale of which is here in controversy, on March 13, 1918, under a distribution agreement between the beneficiaries named in the will, who were also the executors and trustees thereunder.
1Opinion of the Court
*926OPINION.
Littleton:
This appeal involves the determination of the amount of taxable gain derived by the taxpayer from the sale of stock received by him as residuary legatee under the will of his father.
Section 213 of the Revenue Act of 1918 provides, in part, as-follows :
That for the purposes of this title (except as otherwise provided in. section-233) the term “gross income”—(a) Includes gains, profits, and income derived from salaries, wages, or compensation for personal service, * * * or sales, or dealings in property,, whether real or personal, growing out of the ownership or use of or…
2Cases cited13 opinions
- Burnes v. BurnesCourt of Appeals for the Eighth Circuit · 1905
- United States v. JonesSupreme Court of the United States · 1915
- People ex rel. Sexton v. BrooksIllinois Supreme Court · 1887
- Parker v. WilsonSupreme Court of Arkansas · 1911
- People Ex Rel. Gould v. . BarkerNew York Court of Appeals · 1896
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3Cited by7 opinions
- Cox v. CommissionerUnited States Board of Tax Appeals · 1934
- Griscom v. CommissionerUnited States Board of Tax Appeals · 1931
- Huntley v. CommissionerUnited States Board of Tax Appeals · 1934
- Matthiessen v. CommissionerUnited States Board of Tax Appeals · 1925
- Moser v. CommissionerUnited States Board of Tax Appeals · 1928
2 more not listed; retrieve them via the Exa API.