Facts
Petitioner, Crane, was the sole beneficiary and executrix of her husband's estate. She inherited an apartment building and land, which secured a principal debt of $255,000 and interest in default of $7,042. The property was for estate tax purposes at a value equal to the mortgage encumbrance. Six years later, with foreclosure imminent, the property was sold for $3,000 subject to the mortgage and Crane incurred $500 in expenses to complete the sale. Crane reported $1,250.00 of taxable gain from the sale of the apartment.
Read more about this topic: Crane V. Commissioner
Famous quotes containing the word facts:
“A judge is not supposed to know anything about the facts of life until they have been presented in evidence and explained to him at least three times.”
—Parker, Lord Chief Justice (1900–1972)
“There are in me, in literary terms, two distinct characters: one who is taken with roaring, with lyricism, with soaring aloft, with all the sonorities of phrase and summits of thought; and the other who digs and scratches for truth all he can, who is as interested in the little facts as the big ones, who would like to make you feel materially the things he reproduces.”
—Gustave Flaubert (1821–1880)
““Now what I want is, Facts. Teach these boys and girls nothing but Facts. Facts alone are wanted in life. Plant nothing else, and root out everything else. You can only form the minds of reasoning animals upon Facts: nothing else will ever be of service to them.””
—Charles Dickens (1812–1870)