Stern v. Commissioner
United States Board of Tax Appeals
1. Petitioners seek deductions of proportionate parts of losses sustained upon two pieces of property in the taxable year, claiming absolute ownership, a vested legal and equitable title to their respective shares in the properties under the wills of their father and mother. The properties originally were owned jointly or in common by petitioners' father and maternal grandfather, who by will devised their respective interests in trust.
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1. Petitioners seek deductions of proportionate parts of losses sustained upon two pieces of property in the taxable year, claiming absolute ownership, a vested legal and equitable title to their respective shares in the properties under the wills of their father and mother. The properties originally were owned jointly or in common by petitioners' father and maternal grandfather, who by will devised their respective interests in trust. Petitioners' mother likewise by will devised her interest in the properties under her father's will, in trust. Held, the evidence fails to establish that the…
1Opinion of the Court
*454OPINION.
Van Fossan:
In these proceedings each of the petitioners seeks to deduct from gross income a proportionate part of losses alleged to have been sustained in the taxable year on two pieces of real property. It is contended that each petitioner was the absolute, legal and equitable, owner of a three-fortieths interest in both properties during the taxable year and at the time of the losses, such interests, it is claimed, having been acquired in the preceding year under the wills of Lewis Seasongood, deceased, and Emma Seasongood, deceased, father and mother, respectively, of the…
2Cases cited8 opinions
- McArthur v. ScottSupreme Court of the United States · 1885
- Potter v. CouchSupreme Court of the United States · 1891
- Lincoln v. FrenchSupreme Court of the United States · 1882
- Seymour v. FreerSupreme Court of the United States · 1869
- Fitchie v. BrownSupreme Court of the United States · 1908
3 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Stern v. CommissionerUnited States Board of Tax Appeals · 1928