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:
“News reports don’t change the world. Only facts change it, and those have already happened when we get the news.”
—Friedrich Dürrenmatt (1921–1990)
“All the facts of nature are nouns of the intellect, and make the grammar of the eternal language. Every word has a double, treble or centuple use and meaning.”
—Ralph Waldo Emerson (1803–1882)
“Is it true or false that Belfast is north of London? That the galaxy is the shape of a fried egg? That Beethoven was a drunkard? That Wellington won the battle of Waterloo? There are various degrees and dimensions of success in making statements: the statements fit the facts always more or less loosely, in different ways on different occasions for different intents and purposes.”
—J.L. (John Langshaw)