Lare v. Commissioner
United States Tax Court
Petitioner, who was engaged in protracted litigation over the validity of his wife's will, incurred certain expenses in order to acquire particular assets in kind, mostly stocks, from the estate. Included among such expenses were settlement payments made to will contestants and legal fees. The desired assets were ultimately acquired and then sold by the petitioner.
Read the full summary
Petitioner, who was engaged in protracted litigation over the validity of his wife's will, incurred certain expenses in order to acquire particular assets in kind, mostly stocks, from the estate. Included among such expenses were settlement payments made to will contestants and legal fees. The desired assets were ultimately acquired and then sold by the petitioner. Held, (1) the United Pocahontas Coal Co. stock was owned by petitioner when it was sold and the gain thereon is taxable to him in 1968; (2) additions to basis must be allocated proportionately among the stocks; (3) petitioner is…
1Opinion of the Court
Marcellus R. Lare, Jr., and Lillian D. Lare, Petitioners v. Commissioner of Internal Revenue, Respondent
Lare v. Commissioner
Docket No. 4830-72
United States Tax Court
62 T.C. 739; 1974 U.S. Tax Ct. LEXIS 54; 62 T.C. No. 80;
August 29, 1974, Filed
Decision will be entered under Rule 155.
Petitioner, who was engaged in protracted litigation over the validity of his wife's will, incurred certain expenses in order to acquire particular assets in kind, mostly stocks, from the estate. Included among such expenses were settlement payments made to will contestants and legal fees. The desired assets were…
2Cases cited22 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- United States v. GilmoreSupreme Court of the United States · 1963
- Lyeth v. HoeySupreme Court of the United States · 1938
- Woodward v. CommissionerSupreme Court of the United States · 1970
- United States v. BasyeSupreme Court of the United States · 1973
17 more not listed; retrieve them via the Exa API.