Waters v. Commissioner
United States Tax Court
Upon disposition of California community property by the administrator of the deceased husband's estate, held, the basis for gain or loss of the widow's one-half share is cost (adjusted), and not market value at the time of the husband's death; held, further, cost (adjusted) is the basis for depreciation of the widow's one-half share, in the hands of the deceased husband's administrator.
1Opinion of the Court
OPINION.
Aeundell, Judge:
At the time of decedent’s death he and his wife were residents of California and were the owners of certain property acquired subsequent to July 29,1927, which property was held by them under the community property laws of California.
Section 161 (a) of the Civil Code of California, which became effective on July 29, 1927, provides that “The respective interest of the husband and wife in community property during continuance of the marriage relation are present, existing and equal interests under the management and control of the husband * * The ownership of the wife in…
2Cases cited2 opinions
- United States v. MalcolmSupreme Court of the United States · 1931
- Bank of America National Trust & Savings Ass'n v. SudenCalifornia Court of Appeal · 1942
3Cited by10 opinions
- Bishop v. CommissionerUnited States Tax Court · 1945
- Bishop v. CommissionerUnited States Tax Court · 1945
- Bishop v. CommissionerUnited States Tax Court · 1945
- Gray v. CommissionerUnited States Tax Court · 1945
- MacMurray v. CommissionerUnited States Tax Court · 1953
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