Internal Revenue Service
Revenue Ruling

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 Rev. Rul. 70-60

1970-1 C.B. 11

IRS Headnote

The entire amount received from the sale of an interest in an expected inheritance from a living person who has not made a will is includible in gross income; I.T. 1466 superseded.

Full Text

Rev. Rul. 70-60 /1/

The taxpayer sold a partial interest in an expected inheritance from her father, who was living at the time of sale and had made no will.

Held, the entire amount received by the taxpayer for the relinquishment of her right to inherit the interest from her father is includible in her gross income under section 61(a) of the Internal Revenue Code of 1954.

I.T. 1466, C.B. I-2, 60 (1922), is superseded, since the position set forth therein is restated under the current statute and regulations in this Revenue Ruling.

/1/ Prepared pursuant to Rev. Proc. 67-6, C.B. 1967-1, 576.