Carpenter v. Commissioner
United States Board of Tax Appeals
Real estate in Illinois acquired by petitioner and her husband in 1919 as joint tenants was later sold by petitioner as surviving widow. Held, that under the provisions of section 113(a) of the Revenue Act of 1928, the basis for the determination of gain or loss upon such sale is the amount of the cost of such property, since none of the exceptions, more particularly the provisions of section 113(a)(5), dealing with the acquisition of property "by intestacy," governs.
1Opinion of the Court
*284OPINION.
McMahon :
We are here called upon to determine the taxable income derived in the year 1928 by the petitioner upon the sale in 1927 of certain real property located in Chicago, Illinois, which she and her husband had acquired and owned as joint tenants. Petitioner’s husband died about six months before the date of sale.
The sale was upon the installment basis and was so treated by the petitioner in her income tax return for the year 1928. No question is raised as to the propriety of this manner of returning the income. The sole issue relates to the proper basis to be used. For the year…
2Cases cited28 opinions
- Tyler v. United StatesSupreme Court of the United States · 1930
- Cornell v. CoyneSupreme Court of the United States · 1904
- Patterson v. Bark EudoraSupreme Court of the United States · 1903
- United States v. SchartonSupreme Court of the United States · 1932
- Kendall v. United StatesSupreme Court of the United States · 1883
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3Cited by9 opinions
- Miriam Coward Pierson v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Kleberg v. CommissionerUnited States Board of Tax Appeals · 1934
- Murphy v. CommissionerUnited States Tax Court · 1964
- Timanus v. CommissionerUnited States Tax Court · 1959
- Carpenter v. CommissionerUnited States Board of Tax Appeals · 1932
4 more not listed; retrieve them via the Exa API.