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:
“Instead of seeing society as a collection of clearly defined “interest groups,” society must be reconceptualized as a complex network of groups of interacting individuals whose membership and communication patterns are seldom confined to one such group alone.”
—Diana Crane (b. 1933)