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:
“In writing biography, fact and fiction shouldn’t be mixed. And if they are, the fictional points should be printed in red ink, the facts printed in black ink.”
—Catherine Drinker Bowen (1897–1973)
“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)
“It is not an arbitrary “decree of God,” but in the nature of man, that a veil shuts down on the facts of to-morrow; for the soul will not have us read any other cipher than that of cause and effect. By this veil, which curtains events, it instructs the children of men to live in to-day.”
—Ralph Waldo Emerson (1803–1882)