Levy v. Commissioner
United States Tax Court
Basis for Gain or Loss -- Effect of Payment of Estate Tax on Donor's Estate After Sale of Stock. -- The basis of stock acquired by gifts in contemplation of death may not be increased by the amount of Federal estate tax on the estate of the donor which the donee paid in a year subsequent to the year of sale of the stock.
1Opinion of the Court
OPINION.
Arundeul, Judge:
In 1945 the petitioner’s decedent sold 96,487 shares of stock of Stern & Company, which she had acquired by way of gifts from her husband, and thereby realized an admitted gain. The parties differ as to the amount of gain, and the solution of this difference is the ultimate question that we are to decide.
The Internal Revenue Code specifies with considerable particularity the several elements that are to be taken into consideration in the determination of the amount of, and the recognition of, gain or loss. Section 111 (a), which deals with the computation of gain or…
2Cases cited9 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- JONES'ESTATE v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1942
- Pittman v. CommissionerUnited States Tax Court · 1950
- Commissioner of Internal Revenue v. Switlik (Four Cases)Court of Appeals for the Third Circuit · 1950
4 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Rees Blow Pipe Mfg. Co. v. CommissionerUnited States Tax Court · 1964
- Bache Trust v. CommissionerUnited States Tax Court · 1955
- Estate of Steckel v. CommissionerUnited States Tax Court · 1956
- Spero v. CommissionerUnited States Tax Court · 1958
- Steckel v. CommissionerUnited States Tax Court · 1956
5 more not listed; retrieve them via the Exa API.