First Page
1290
Abstract
Decedent died testate in 1955, leaving 2,500 shares of stock of the Leader Building Company in her gross estate. Her three sisters were the legatees in equal shares of the estate, and they were also beneficiaries of separate trusts which owned the remaining 7,500 shares of the company.' In order to raise enough funds to pay the Federal Estate Tax, the estate, petitioner herein, had to sell some of the stock. Accordingly, the corporation redeemed about half of the shares held by the estate, which thereby sustained a net capital loss. Petitioner sought a deduction of this loss, in order to offset capital gains realized when the company liquidated.
Recommended Citation
Law Review Staff,
Case Comments -- Federal Estate Tax -- Losses Arising From Sale of Property to a Corporation by an Estate Not Disallowed by Section 267,
17 Vanderbilt Law Review
1290
(1964)
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol17/iss3/32