Beers v. Commissioner
United States Board of Tax Appeals
Under a devise of the residue of an estate to trustees for the benefit of the petitioner, directing the trustees to appropriate the rents for his benefit during his minority and to convey the property to him upon attainment of his majority, and containing provisions for gifts over in the event he should die a minor, the petitioner received a vested estate in the property upon the death of the testatrix.
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Under a devise of the residue of an estate to trustees for the benefit of the petitioner, directing the trustees to appropriate the rents for his benefit during his minority and to convey the property to him upon attainment of his majority, and containing provisions for gifts over in the event he should die a minor, the petitioner received a vested estate in the property upon the death of the testatrix. He therefore "acquired" the property at that time, within the meaning of section 113, Revenue Act of 1928, and not when he attained his majority and received a conveyance from the trustees. As…
1Opinion of the Court
OPINION.
Murdoch::
The Commissioner determined a deficiency of $1,032.93 in income tax for the calendar year 1930. Facts have been stipulated to raise two questions of law for decision by the Board. The first is whether the gain from the disposition of a piece of real property in 1930 is to be determined by using the value of the property on March 17,1925, as the basis for gain or whether the Commissioner was right in using the value of the property on March 1, 1913, as the basis.
The property in question was a part of the residuary estate of the petitioner’s mother. The mother died in 1904, the…
2Cases cited10 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- McClure's AppealSupreme Court of Pennsylvania · 1873
- Appeal of ReedSupreme Court of Pennsylvania · 1888
- Griscom v. CommissionerUnited States Board of Tax Appeals · 1931
- Grothe's EstateSupreme Court of Pennsylvania · 1912
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3Cited by2 opinions
- Beers v. CommissionerUnited States Board of Tax Appeals · 1934
- Jerpe v. CommissionerUnited States Board of Tax Appeals · 1941