Tutwiler v. Commissioner
United States Board of Tax Appeals
1. Capital assets sold by executors of an estate within two years after the death of the decedent are not within the provisions of section 208 of the Revenue Act of 1926. 2. The basis for determining gain from the sale of assets of an estate on April 6, 1926, is the value of such property at the date of decedenths death.
1Opinion of the Court
*496OPINION.
Lansdon :
Petitioners originally pleaded that tax on the income derived from the sale of securities as set out in the stipulated facts should be computed under the provisions of section 208 of the Revenue Act of 1926.1 This contention is based on the theory that for income tax purposes a decedent and his estate constitute a single continuing entity. Apparently the petitioners now abandon this contention, as no part of their brief is directed thereto. It is well settled that a decedent and his estate constitute separate taxable entities and that existence of the second dates from the…
2Cases cited4 opinions
- Vanderbilt v. CommissionerUnited States Board of Tax Appeals · 1928
- Catherwood v. United StatesCourt of Appeals for the Third Circuit · 1922
- Catherwood v. United StatesDistrict Court, E.D. Pennsylvania · 1922
- Hartley v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by1 opinion
- Tutwiler v. CommissionerUnited States Board of Tax Appeals · 1933