Cumulative Bulletin Income Tax Rulings Volume 4

Cumulative Bulletin Income Tax Rulings Volume 4

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...1040, or 1040, must be filed. In such return ma be claimed a deduction for the entire amount of income receive during the year by the administrators, either directly or through the trustees, and properly paid over or credited to the beneficiaries under the will. This is held to apply to the final distribution made in the settlement of the estate as well as to distributions made during the period of administration. The return to be filed by the administrators for the estate must be accompanied by a statement showing the name and address of each beneficiary to whom payment of income was made during 1920, and the amount paid to each such beneficiary. S1=: c'r1oN 219, ARTICLE 343: Decedent's estate 7-21-1448 during administration. O. D. 807 In February, 1919, A contracted for the sale of certain land re ieiving an dollars in cash, the balance of 11m dollars to be paid in ril, 1919. Iii died before April, 1919, and the contract was not completed until August or September of that year, when the deed was passed and possession taken by the purchaser. The question arises as to whether an gain was realized either b A or by his estate. gince the a: dollars receive by A prior to his death was mere earnest money to bind the contract, he did not receive taxable income from the transaction, inasmuch as the contract was not consummated during his life. No taxable gain was realized by the estate because of the transaction. Althou h the legal title to the land vested in the executor for purposes 0 administration, the substantial thing that went to the executor was the right under the contract to the unpaid balance of the purchase price in trust for the devisees. It is the value of this ri ht of contract and not the value of the land that should more

Product details

  • Paperback | 238 pages
  • 189 x 246 x 13mm | 431g
  • United States
  • English
  • black & white illustrations
  • 1236760182
  • 9781236760180