Crane Doctrine

Crane Doctrine may have one of the following meanings, depending the context of the term:

1. the judicial doctrine that liabilities assumed in the acquisition of property are part of the basis of that property.

2. the doctrine that relief of debt may be treated as receipt of money when debts are assumed (e.g., included in the amount realized) in a transaction. Crane v. Comm., 331 U.S. 1 (1947).