Huntley v. Commissioner
United States Board of Tax Appeals
On May 22, 1929, the surrogate ordered that certain securities belonging to the estate of Charles R. Huntley, deceased, be distributed to the petitioners herein.
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On May 22, 1929, the surrogate ordered that certain securities belonging to the estate of Charles R. Huntley, deceased, be distributed to the petitioners herein. Pursuant to such decree the executors delivered the securities to the petitioners on June 20 and July 12, 1929. The securities in part were sold by the petitioners in 1930. Held, the basis for determination of gain or loss upon the sales was the fair market value of the securities "at the time of the distribution" to the petitioners, which was May 22, 1929, the effective date of the surrogate's decree. Arthur E. Braun, Trustee,29…
1Opinion of the Court
OPINION.
TRAMmell:
These are consolidated proceedings for the redeter-mination of deficiencies in income tax for the year 1930 as follows:
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The sole issue in this case relates to the basic date for determination of the profit derived by the petitioners from the sales of certain corporate stocks during the year 1930. The facts were stipulated by the parties, and their stipulation is by reference here adopted in full as our findings of fact. Only so much of the stipulation as is deemed essential to a discussion of the issue is set out hereinbelow.
Charles R. Huntley died testate, a…
2Cases cited2 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- Braun v. CommissionerUnited States Board of Tax Appeals · 1934
3Cited by5 opinions
- C. M. Hall Lamp Co. v. United StatesCourt of Appeals for the Sixth Circuit · 1953
- Cox v. CommissionerUnited States Board of Tax Appeals · 1934
- Huntley v. CommissionerUnited States Board of Tax Appeals · 1934
- Robbins v. CommissionerUnited States Board of Tax Appeals · 1936
- Taft v. CommissionerUnited States Board of Tax Appeals · 1936