Beckman Trust v. Commissioner
United States Tax Court
Sec. 113 (a) (5), 1939 Code -- Basis of Property Sold After Death of Grantor by Trustees of Revocable Trust. -- Trustees of Beckman trust, petitioner, sold stock after death of grantor. The stock was transferred to the trust at the time of its creation by the grantor.
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Sec. 113 (a) (5), 1939 Code -- Basis of Property Sold After Death of Grantor by Trustees of Revocable Trust. -- Trustees of Beckman trust, petitioner, sold stock after death of grantor. The stock was transferred to the trust at the time of its creation by the grantor. The trust indenture provided that trust income was payable to the grantor during her lifetime and reserved to the grantor at all times up to her death the right to revoke the trust with the consent of named trustees none of whom had any adverse interest in the trust. The Commissioner determined that the basis of the stock for…
1Opinion of the Court
Hazel B. Beckman Trust Under Deed of Trust Dated May 3, 1932, C. Frank Reavis, Clifford W. Michel, Henry C. Brunie and William B. Franke, Surviving and Successor Trustees, Petitioner, v. Commissioner of Internal Revenue, Respondent
Beckman Trust v. Commissioner
Docket No. 55163
United States Tax Court
26 T.C. 1172; 1956 U.S. Tax Ct. LEXIS 79;
September 24, 1956, Filed
Decision will be entered for the petitioner.
Sec. 113 (a) (5), 1939 Code -- Basis of Property Sold After Death of Grantor by Trustees of Revocable Trust. -- Trustees of Beckman trust, petitioner, sold stock after death of grantor. The…
2Cases cited9 opinions
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- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Tyler v. United StatesSupreme Court of the United States · 1930
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- Reinecke v. SmithSupreme Court of the United States · 1933
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