Hedrick v. Commissioner
United States Tax Court
A decedent had disposed of property pursuant to an arrangement which was adjudicated to be a long-term installment sales contract bearing an interest rate of 7 percent for purposes of computing the amount of interest received in each installment. Petitioner inherited the decedent's rights under the installment sales contract and received the installments paid thereafter.
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A decedent had disposed of property pursuant to an arrangement which was adjudicated to be a long-term installment sales contract bearing an interest rate of 7 percent for purposes of computing the amount of interest received in each installment. Petitioner inherited the decedent's rights under the installment sales contract and received the installments paid thereafter. Held, that amounts received by petitioner pursuant to the installment sales contract were income in respect of a decedent under sec. 691(a), I.R.C. 1954, and were reportable by petitioner in the same manner that the decedent…
1Opinion of the Court
Ray Bert Hedrick and Mary H. Hedrick, Petitioners v. Commissioner of Internal Revenue, Respondent
Hedrick v. Commissioner
Docket No. 3623-70
United States Tax Court
63 T.C. 395; 1974 U.S. Tax Ct. LEXIS 5;
December 19, 1974, Filed
Decision will be entered under Rule 155.
A decedent had disposed of property pursuant to an arrangement which was adjudicated to be a long-term installment sales contract bearing an interest rate of 7 percent for purposes of computing the amount of interest received in each installment. Petitioner inherited the decedent's rights under the installment sales contract and…
2Cases cited21 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Dixon v. United StatesSupreme Court of the United States · 1965
- Emma R. Dorl v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1974
- Dorl v. CommissionerUnited States Tax Court · 1972
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