Hays v. Commissioner
United States Board of Tax Appeals
1. In determining the net estate of a decedent under section 303 of the Revenue Act of 1926, claims, mortgages, and indebtedness incurred or contracted bona fide and for an adequate and full consideration in money or money's worth may be deducted from the value of the gross estate even though such debts exceed the amount of assets available to pay them. Respondent erred in limiting the deductions "to that portion of the gross estate which is subject to debts and charges."
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1. In determining the net estate of a decedent under section 303 of the Revenue Act of 1926, claims, mortgages, and indebtedness incurred or contracted bona fide and for an adequate and full consideration in money or money's worth may be deducted from the value of the gross estate even though such debts exceed the amount of assets available to pay them. Respondent erred in limiting the deductions "to that portion of the gross estate which is subject to debts and charges." Commissioner v. Strauss, 77 Fed.(2d) 401. 2. The amount assessed against the estate of a decedent, representing double…
1Opinion of the Court
EDNA F. HAYS, CARRIE H. KORACH, LOUIS C. SELDEN AND THE GUARDIAN TRUST CO., AS EXECUTORS OF THE ESTATE OF EUGENE K. HAYS, DECEASED, PETITIONERS, ET AL., 1v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hays v. Commissioner
Docket Nos. 78718, 79428, 80859.
United States Board of Tax Appeals
34 B.T.A. 808; 1936 BTA LEXIS 643;
July 22, 1936, Promulgated
1. In determining the net estate of a decedent under section 303 of the Revenue Act of 1926, claims, mortgages, and indebtedness incurred or contracted bona fide and for an adequate and full consideration in money or money's worth may be deducted from…
2Cases cited11 opinions
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Matteson v. DentSupreme Court of the United States · 1900
- State Ex Rel. Fulton v. BremerOhio Supreme Court · 1935
- Wade v. CommissionerUnited States Board of Tax Appeals · 1930
- Louisiana & A. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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