(DOWNLOAD) "Chandler v. Field" by First Circuit Circuit Court Of Appeals * Book PDF Kindle ePub Free
eBook details
- Title: Chandler v. Field
- Author : First Circuit Circuit Court Of Appeals
- Release Date : January 10, 1933
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 47 KB
Description
The petition for rehearing must be denied. This case is not distinguishable in principle from the case of Brewster v. Gage, 280 U.S. 327, 50 S. Ct. 115, 74 L. Ed. 457. In that case it was held that the son, the residuary legatee, acquired a vested interest in the residue of the estate at the time of his fathers death and that that was the date when he acquired the property within the meaning of section 204 (a) (5) of the Revenue Act of 1926 (26 USCA § 935 (a) (5), although the title to the specific stocks constituting the residue vested in the executors on the fathers death and the son did not receive them until later. The residuary legatee in that case did not acquire a right to the particular stocks. The shares of stock which the executors received, they might have sold, if deemed necessary, either to make a gain or to avoid a loss; but if they sold and made a gain, their gain, under the provisions of the Revenue Act, would have been the difference between the value of the stock at the time of the testators death and what they sold it for. The executors did not sell the stock; the specific shares were distributed to the residuary legatee; he sold the stock and his gain was held to be the difference between the value of those shares at the testators death and the price he received for them.
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