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:
“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 any service to them. This is the principle on which I bring up my own children, and this is the principle on which I bring up these children. Stick to Facts, sir!”
—Charles Dickens (1812–1870)
“A radical is one of whom people say “He goes too far.” A conservative, on the other hand, is one who “doesn’t go far enough.” Then there is the reactionary, “one who doesn’t go at all.” All these terms are more or less objectionable, wherefore we have coined the term “progressive.” I should say that a progressive is one who insists upon recognizing new facts as they present themselves—one who adjusts legislation to these new facts.”
—Woodrow Wilson (1856–1924)
“Had Adam tenderly reproved his wife, and endeavored to lead her to repentance instead of sharing in her guilt, I should be much more ready to accord to man that superiority which he claims; but as the facts stand disclosed by the sacred historian, it appears to me that to say the least, there was as much weakness exhibited by Adam as by Eve. They both fell from innocence, and consequently from happiness, but not from equality.”
—Sarah M. Grimke (1792–1873)