Campbell v. Commissioner
United States Board of Tax Appeals
1. BASIS. - Personal property, not specifically bequeathed to a taxpayer but distributed to her from a trust created by and in accordance with the will of her father, takes as its basis for gain or loss in her hands its fair market value at the time or the distribution, regardless of whether it was owned by the father at the date of his death, purchased by the executors, or purchased by the trustees.
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1. BASIS. - Personal property, not specifically bequeathed to a taxpayer but distributed to her from a trust created by and in accordance with the will of her father, takes as its basis for gain or loss in her hands its fair market value at the time or the distribution, regardless of whether it was owned by the father at the date of his death, purchased by the executors, or purchased by the trustees. The third sentence of section 113 :a):5) of the Revenue Act of 1932 applies and not the provisions of section 113 :a):4) or the general provision of :a). 2. compared with other like shares…
1Opinion of the Court
MARJORIE K. CAMPBELL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Campbell v. Commissioner
Docket No. 84639.
United States Board of Tax Appeals
39 B.T.A. 916; 1939 BTA LEXIS 953;
May 19, 1939, Promulgated
1. BASIS. - Personal property, not specifically bequeathed to a taxpayer but distributed to her from a trust created by and in accordance with the will of her father, takes as its basis for gain or loss in her hands its fair market value at the time or the distribution, regardless of whether it was owned by the father at the date of his death, purchased by the executors, or…
2Cases cited12 opinions
- Helvering v. BlissSupreme Court of the United States · 1934
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- Harbison v. CommissionerUnited States Board of Tax Appeals · 1932
- Hanlin v. CommissionerUnited States Board of Tax Appeals · 1938
- Arrott v. CommissionerUnited States Board of Tax Appeals · 1936
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