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:
“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)
“Conventionalities are at length as bad as impurities. Even the facts of science may dust the mind by their dryness, unless they are in a sense effaced each morning, or rather rendered fertile by the dews of fresh and living truth.”
—Henry David Thoreau (1817–1862)
“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)