Gale v. Commissioner of Taxation

1 Reported in 37 N.W.2d 711. Certiorari to the board of tax appeals on petition of the commissioner of taxation.

Respondent, Richard P. Gale, is the duly appointed executor of the estate of Sarah P. Gale, who died November 14, 1944. On January 30, 1946, respondent filed a fiduciary income tax return for the estate covering the period beginningNovember 14, 1944, and ending October 31, 1945. This return disclosed that respondent between May 14, 1945, and October 24, 1945, sold short-term capital assets (held less than six months) at a profit of $323.38, and long-term assets (held more than six…