Crane v. Commissioner, 331 U.S. 1 (1947), was a case heard before the 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.” Warning: template has been deprecated.— Excerpted from Crane v. Commissioner on Wikipedia, the free encyclopedia.
United States Supreme Court
331 U.S. 1
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.
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