Crane v. Commissioner, 331 U.S. 1 (1947), was a case heard before the United States Supreme Court concerning the value, for tax purposes, of inherited property with a nonrecourse mortgage encumbering it. According to Boris I. Bittker, Crane "laid the foundation stone of most tax shelters."
Justice Fred M. Vinson wrote the opinion.
Read more about Crane V. Commissioner: Facts, Issue 1, Issue 2, Arguments, Holding and Rationale, Importance
Famous quotes containing the word crane:
“You who desired so much—in vain to ask—
Yet fed your hunger like an endless task,
Dared dignify the labor, bless the quest—
Achieved that stillness ultimately best,”
—Hart Crane (1899–1932)