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SECURITY TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE

Nos. 6266, 6267.

65 F.2d 877 (1933)

SECURITY TRUST CO. et al. v. COMMISSIONER OF INTERNAL REVENUE. DETROIT TRUST CO. et al. v. SAME.

Circuit Court of Appeals, Sixth Circuit.

June 29, 1933.

Attorney(s) appearing for the Case

Archibald Broomfield and Hal H. Smith, both of Detroit, Mich. (Beaumont, Smith & Harris, of Detroit, Mich., on the brief), for petitioners.

Hayner N. Larson, of Washington, D. C. (Sewall Key, C. M. Charest, and W. H. Trigg, all of Washington, D. C., on the brief), for respondent.

Before MOORMAN, HICKS, and SIMONS, Circuit Judges.

SIMONS, Circuit Judge.

The taxpayers in each case are testamentary trustees. The question to be decided is whether the basis for determining gains derived by them on the sale of personal property received in trust as residuary legatees is the market value of the property at the time of its transfer to them by representatives of the estate under a probate court order of distribution, or the market value at the time of the testator's death.

There is no dispute...

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