Marcello v. Commissioner
United States Tax Court
In 1952 petitioner Joseph Marcello, Jr., along with his brothers and sisters, inherited from his father an interest in real property. The interest was vested but subject to an estate or servitude in petitioner's widowed mother for her life or until her remarriage. The mother and children conveyed the land in 1958, receiving in exchange nine promissory negotiable notes the face amounts of which totaled $ 999,999.99. The sellers made no division of the proceeds after the sale.
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In 1952 petitioner Joseph Marcello, Jr., along with his brothers and sisters, inherited from his father an interest in real property. The interest was vested but subject to an estate or servitude in petitioner's widowed mother for her life or until her remarriage. The mother and children conveyed the land in 1958, receiving in exchange nine promissory negotiable notes the face amounts of which totaled $ 999,999.99. The sellers made no division of the proceeds after the sale. Held: 1. Inherited property was in fact sold in 1958. 2. Respective interests of the mother and the children…
1Opinion of the Court
DawsoN, Judge:
Respondent determined a deficiency in petitioners’ income tax for the taxable year 1958 in the amount of $14,210.48 and a 5-percent addition to tax under the provisions of section 6653(a) of the Internal Revenue Code of 1954. Respondent disallowed all business expenses claimed by petitioners in the amount of $1,655 and increased petitioners’ taxable income $26,666.66 by including in taxable income a gain on the sale of a capital asset. The adjustments and explanation are set forth in respondent’s notice of deficiency as follows:
Taxable income as disclosed by return_ $37, 585. 89
U…
2Cases cited9 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Schroeder v. CommissionerUnited States Tax Court · 1963
- Commissioner of Internal Revenue v. Union Pac. R. Co.Court of Appeals for the Second Circuit · 1936
- Williams v. CommissionerUnited States Tax Court · 1957
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3Cited by253 opinions
- Freytag v. CommissionerUnited States Tax Court · 1987
- Axelrod v. CommissionerUnited States Tax Court · 1971
- Yelencsics v. CommissionerUnited States Tax Court · 1980
- Martin Ice Cream Co. v. Comm'rUnited States Tax Court · 1998
- Jackson v. CommissionerUnited States Tax Court · 1972
248 more not listed; retrieve them via the Exa API.