McDonald v. Commissioner

OPINION.

Hill, Judge-.

The primary issue here presented for determination involves the propriety of including the value of certain property as part of petitioner’s gross income for the year 1940. In that year petitioner became unconditionally entitled to some stocks, bonds, and money following the death of Charles L. Roy, such property having a net value as of the death date of $40,939.27. Petitioner contends that the property was received by her through gift or bequest, and, hence, is to be excluded from gross income under the provisions of section 22 (b) (3) of the Internal Revenue Code.…