Henry A. Cleland Estate Co. v. Commissioner
United States Board of Tax Appeals
1. Under the provisions of a will and under the laws of Michigan the interests of certain remaindermen were vested and they acquired the property devised to them as of the date of the death of the testator. 2. The fair market value of certain real estate determined as of March 1, 1913. 3. The proper basis for determination of gain or loss on the sale of property devised subject to a life estate is the fair market value of the property as of the testator's death.
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1. Under the provisions of a will and under the laws of Michigan the interests of certain remaindermen were vested and they acquired the property devised to them as of the date of the death of the testator. 2. The fair market value of certain real estate determined as of March 1, 1913. 3. The proper basis for determination of gain or loss on the sale of property devised subject to a life estate is the fair market value of the property as of the testator's death. Huggett v. Burnet, 64 Fed.(2d) 705, followed. 4. Evidence as to the value of a building based solely on a computation, in which the…
1Opinion of the Court
HENRY A. CLELAND ESTATE COMPANY, LTD., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Henry A. Cleland Estate Co. v. Commissioner
Docket Nos. 33585, 40890, 51197.
United States Board of Tax Appeals
29 B.T.A. 436; 1933 BTA LEXIS 942;
November 24, 1933, Promulgated
1. Under the provisions of a will and under the laws of Michigan the interests of certain remaindermen were vested and they acquired the property devised to them as of the date of the death of the testator.
2. The fair market value of certain real estate determined as of March 1, 1913.
3. The proper basis for determination of…
2Cases cited1 opinion
- Henry A. Cleland Estate Co. v. CommissionerUnited States Board of Tax Appeals · 1933