Assmann v. Commissioner
United States Tax Court
Decedent inherited from her husband, in 1936, a house and lot which had by them been used as homestead. She removed from the property within a few days, and told her son to rent or sell it. It was forthwith listed for sale. No effort was ever made to rent and it was never rented. About seven months later the house was razed because of advice that the property would be more readily salable vacant, and in order to save taxes. In 1948 the vacant property was sold.
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Decedent inherited from her husband, in 1936, a house and lot which had by them been used as homestead. She removed from the property within a few days, and told her son to rent or sell it. It was forthwith listed for sale. No effort was ever made to rent and it was never rented. About seven months later the house was razed because of advice that the property would be more readily salable vacant, and in order to save taxes. In 1948 the vacant property was sold. Held, the property was a capital asset and the Commissioner did not err in limiting the loss under section 117 (a) (1) and (d) ( 2)…
1Opinion of the Court
Estate of Maria Assmann, Fidelity Union Trust Company and Frank A. Assmann, Executors, Petitioners, v. Commissioner of Internal Revenue, Respondent
Assmann v. Commissioner
Docket No. 26883
United States Tax Court
16 T.C. 632; 1951 U.S. Tax Ct. LEXIS 243;
March 28, 1951, Promulgated
Decision will be entered for the respondent.
Decedent inherited from her husband, in 1936, a house and lot which had by them been used as homestead. She removed from the property within a few days, and told her son to rent or sell it. It was forthwith listed for sale. No effort was ever made to rent and it was never…
2Cases cited5 opinions
- Campbell v. CommissionerUnited States Tax Court · 1945
- Wright v. CommissionerUnited States Tax Court · 1947
- Marx v. CommissionerUnited States Tax Court · 1945
- Assmann v. CommissionerUnited States Tax Court · 1951
- Carnrick v. CommissionerUnited States Tax Court · 1947