Beckman Trust v. Commissioner
United States Tax Court
Sec. 113 (a) (5), 1939 Code -- Basis of Property Sold After Death of Grantor by Trustees of Revocable Trust. -- Trustees of Beckman trust, petitioner, sold stock after death of grantor. The stock was transferred to the trust at the time of its creation by the grantor.
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Sec. 113 (a) (5), 1939 Code -- Basis of Property Sold After Death of Grantor by Trustees of Revocable Trust. -- Trustees of Beckman trust, petitioner, sold stock after death of grantor. The stock was transferred to the trust at the time of its creation by the grantor. The trust indenture provided that trust income was payable to the grantor during her lifetime and reserved to the grantor at all times up to her death the right to revoke the trust with the consent of named trustees none of whom had any adverse interest in the trust. The Commissioner determined that the basis of the stock for…
1Opinion of the Court
OPINION.
HaRRON, Judge:
The petitioner, the Beckman trust, sold in the taxable year, which was after the death of the petitioner’s creator, Hazel B. Beckman, some of the Wenonah stock which she had transferred to the Beckman trust at the time she created the trust on May 3, 1932. The question is, “What is the basis of the stock for the purpose of computing the amount of petitioner’s capital gain P
The petitioner contends that the second sentence of section 113 (a) (5), 1939 Code, as it applies to property transferred by a grantor dying before January 1, 1952 (i. e., prior to amendment thereof by…
2Cases cited8 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Tyler v. United StatesSupreme Court of the United States · 1930
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Reinecke v. SmithSupreme Court of the United States · 1933
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3Cited by5 opinions
- Miriam Coward Pierson v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Boston Safe Deposit & Trust Co. v. State Tax CommissionMassachusetts Supreme Judicial Court · 1963
- Spero v. CommissionerUnited States Tax Court · 1958
- Beckman Trust v. CommissionerUnited States Tax Court · 1956
- Spero v. CommissionerUnited States Tax Court · 1958