Stanley v. Commissioner
United States Tax Court
During 1952 and 1954 Joseph and Bessie Stanley, residents of California, sold certain of their community property, payment therefore to be in installments. They elected to report their gain on the sales for Federal income tax purposes on the installment basis and did so report for all years after the sales through their fiscal year ended April 30, 1958. On November 15, 1958, Joseph Stanley died.
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During 1952 and 1954 Joseph and Bessie Stanley, residents of California, sold certain of their community property, payment therefore to be in installments. They elected to report their gain on the sales for Federal income tax purposes on the installment basis and did so report for all years after the sales through their fiscal year ended April 30, 1958. On November 15, 1958, Joseph Stanley died. At that time the unpaid balances of the installment obligations totaled $ 1,363,312.69. For the portion of her fiscal year after November 15, 1958, and for her fiscal year ended April 30, 1960, Bessie…
1Opinion of the Court
OPINION
Scott, Judge:
Respondent determined deficiencies in income tax of the Estate of Joseph Stanley, Deceased, Bessie Stanley, Executrix, and Bessie Stanley, His Surviving Wife, and in the income tax of Bessie Stanley for the taxable years ended April 30, 1959 and 1960, in the amounts of $5,413.87 and $35,140.83, respectively.
The issue for decision is whether Bessie Stanley in each of the years here involved realized taxable capital gain from installment payments received subsequent to her husband’s death on obligations obtained from sales of community property prior to her husband’s death,…
2Cases cited8 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Commissioner v. BilderSupreme Court of the United States · 1962
- Carasso v. CommissionerUnited States Tax Court · 1960
- Max and Fannie Carasso v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1961
- Hatch v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1951
3 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Estate of Robinson v. CommissionerUnited States Tax Court · 1977
- Beauchamp & Brown Groves Co. v. CommissionerUnited States Tax Court · 1965
- Bessie Stanley, Estate of Joseph Stanley, Deceased, Bessie Stanley, Etc. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1964
- Warner v. United StatesDistrict Court, S.D. Florida · 1988
- Beauchamp & Brown Groves Co. v. CommissionerUnited States Tax Court · 1965
1 more not listed; retrieve them via the Exa API.