Wright v. Commissioner
United States Board of Tax Appeals
1. Petitioner's father devised and bequeathed the residue of his estate to a trustee to divide the same into two equal shares and hold one share for the benefit of petitioner, paying the net income therefrom to her quarterly, and upon her reaching certain specified ages to convey certain portions of the corpus to her, with gifts over.
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1. Petitioner's father devised and bequeathed the residue of his estate to a trustee to divide the same into two equal shares and hold one share for the benefit of petitioner, paying the net income therefrom to her quarterly, and upon her reaching certain specified ages to convey certain portions of the corpus to her, with gifts over. Held, petitioner's interest was vested at testator's death, subject to being divested if she died before the specified events. 2. The petitioner's interest being vested at the testator's death, the basis for determining gain or loss on a subsequent sale of a…
1Opinion of the Court
OPINION.
Makquette :
The respondent has determined a deficiency in income tax against the petitioner for the year 1927 in the amount of $8,661.59. The only question presented relates to the basis to be used in determining gain or loss under the Revenue Act of 1926 on the sale of certain stock.
H. Bryan Scott, the father of petitioner, died September 11, 1922, leaving a last will and testament which was duly admitted to probate by the Probate Court of Wayne County, Michigan. The Detroit Trust Co. was appointed executor of and trustee under the will and duly qualified as such. On February 21,…
2Cases cited4 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- Griscom v. CommissionerUnited States Board of Tax Appeals · 1931
- Roebling v. CommissionerUnited States Board of Tax Appeals · 1933
- Shelden v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by1 opinion
- Wright v. CommissionerUnited States Board of Tax Appeals · 1934