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:
“The last bear, shot drinking in the Dakotas
Loped under wires that span the mountain stream.”
—Hart Crane (1899–1932)