Crane v. Commissioner

Crane v. Commissioner
Supreme Court of the United States
Argued December 11, 1946
Decided April 14, 1947
Full case nameCrane v. Commissioner of Internal Revenue
Citations331 U.S. 1 (more)
67 S. Ct. 1047; 91 L. Ed. 1301
Case history
Prior3 T.C. 585 (1944); reversed, 153 F.2d 504 (2d Cir. 1945); cert. granted, 328 U.S. 826 (1946).
Holding
The amount of a nonrecourse mortgage securing property is included in the basis of that property and — upon disposition of the property — the entire remaining balance of the mortgage must be included in the taxpayer's amounts realized.
Court membership
Chief Justice
Fred M. Vinson
Associate Justices
Hugo Black · Stanley F. Reed
Felix Frankfurter · William O. Douglas
Frank Murphy · Robert H. Jackson
Wiley B. Rutledge · Harold H. Burton
Case opinions
MajorityVinson, joined by Black, Reed, Murphy, Rutledge, Burton
DissentJackson, joined by Frankfurter, Douglas
Wikisource has original text related to this article:

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.[1] According to Boris I. Bittker, Crane "laid the foundation stone of most tax shelters."

Chief Justice Fred M. Vinson wrote the opinion.

  1. ^ Crane v. Commissioner, 331 U.S. 1 (1947)