Cox v. Commissioner
United States Board of Tax Appeals
1. The basis for determination of gain or loss upon stocks acquired as part of residuary estate is fair market value of such stocks when distributed to legatee (sec. 113(a)(5), Revenue Act of 1928). 2. Distribution is not effected by acquisition of substantial or beneficial ownership in property of residuary estate but requires some act evidencing separation of the property from the estate; in this case, transfer of stocks from accounts of the estate to those of beneficiary.…
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1. The basis for determination of gain or loss upon stocks acquired as part of residuary estate is fair market value of such stocks when distributed to legatee (sec. 113(a)(5), Revenue Act of 1928). 2. Distribution is not effected by acquisition of substantial or beneficial ownership in property of residuary estate but requires some act evidencing separation of the property from the estate; in this case, transfer of stocks from accounts of the estate to those of beneficiary. 3. Losses claimed upon sales of stock acquired as part of residuary estate disallowed. 4. Portion of income received by…
1Opinion of the Court
CARRIE G. COX AND ATTILLA COX, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cox v. Commissioner
Docket No. 69698.
United States Board of Tax Appeals
31 B.T.A. 819; 1934 BTA LEXIS 1031;
November 30, 1934, Promulgated
1. The basis for determination of gain or loss upon stocks acquired as part of residuary estate is fair market value of such stocks when distributed to legatee (sec. 113(a)(5), Revenue Act of 1928).
2. Distribution is not effected by acquisition of substantial or beneficial ownership in property of residuary estate but requires some act evidencing separation of the…
2Cases cited1 opinion
- Cox v. CommissionerUnited States Board of Tax Appeals · 1934