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ESTATE OF HERBERT v. COMMISSIONER

Docket No. 108615.

1 T.C.M. 710 (1943)

Estate of John W. Herbert, Deceased, Central Hanover Bank and Trust Company, et al., Executors v. Commissioner.

United States Tax Court.

Entered March 4, 1943.

Attorney(s) appearing for the Case

Carl M. Herbert, Esq., 405 Lexington Ave., New York City, for the petitioners. Jonas M. Smith, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined deficiencies of $9,200.28 and $5,525. 46 in the petitioners' income taxes for the years 1938 and 1939, respectively.

The primary issue to be decided is whether or not the difference between the fair market value of a claim on the date of death and the amount of money, plus the fair market value of property, subsequently realized by the petitioners is taxable as income. If it be held that...

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