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:
“Yet, to the empty trapeze of your flesh,
O Magdalene, each comes back to die alone.
Then you, the burlesque of our lust—and faith,
Lug us back lifeward—bone by infant bone.”
—Hart Crane (1899–1932)