Owen J. Roberts

“ In order to own or hold one must acquire. The date of acquisition is, then, that from which to compute the duration of ownership or the length of holding. Whether under local law title to personal property passes from a decedent to the legatee or next of kin at death subject to a withholding of possession for purposes of administration, [7] or passes to the personal representative for the purposes of administration,-the title of the beneficiary, though derived through the executor, relating back to the date of death, [8] -is for present purposes immaterial. ”

“ Capital assets' means property held by the taxpayer for more than two years.' Whether property acquired from a decedent through intestacy, or a general bequest, is, within the meaning of the clause, held by the taxpayer from the date of the decedent's death or from the date of distribution, is the matter in dispute. ”

“ If personal property was acquired by specific bequest, or if real property was acquired by general or specific devise or by intestacy, the basis shall be the fair market value of the property at the time of the death of the decedent. ”