Crane v. Commissioner of Internal Revenue
|Crane v. Commissioner of Internal Revenue
|Opinion of the Court→|
|United States Supreme Court concerning the value, for tax purposes, of inherited property with a nonrecourse mortgage encumbering it. According to Boris I. Bittker, Crane “laid the foundation stone of most tax shelters.” — Excerpted from Crane v. Commissioner on Wikipedia, the free encyclopedia.Crane v. Commissioner, 331 U.S. 1 (1947), was a case heard before the|
United States Supreme Court
CRANE v. COMMISSIONER OF INTERNAL REVENUE
Argued: Dec. 11, 1946. --- Decided: April 14, 1947
Mr. Edward S. Bentley of New York City, for petitioner.
Mr. J. Louis Monarch, of Washington, D.C., for respondent.
Mr. Chief Justice VINSON delivered the opinion of the Court.