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CRANE v. COMMISSIONER

No. 68.

331 U.S. 1 (1947)

CRANE v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided April 14, 1947.

Attorney(s) appearing for the Case

Edward S. Bentley argued the cause and filed a brief for petitioner.

J. Louis Monarch argued the cause for respondent. With him on the brief were Acting Solicitor General Washington, Sewall Key and Morton K. Rothschild.

MR. CHIEF JUSTICE VINSON delivered the opinion of the Court.

The question here is how a taxpayer who acquires depreciable property subject to an unassumed mortgage, holds it for a period, and finally sells it still so encumbered, must compute her taxable gain.

Petitioner was the sole beneficiary and the executrix of the will of her husband, who died January 11, 1932. He then owned an apartment building and lot subject...

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