Canal National Bank v. United States

GIGNOUX, District Judge.

Plaintiff is the surviving executor and trustee of the estate of Frank B. Emery. It brought this action for refund of $6,-157.86 federal income taxes, and assessed interest in the amount of $929.84, paid under protest for the fiscal years ended March 31, 1961, 1962 and 1963. 1 The question presented is whether plaintiff is entitled to charitable deductions for undistributed capital gains in the years involved as income permanently set aside for charitable purposes within the meaning of Section 642(c) of the Internal Revenue Code of 1954, 26 U.S.C. § 642(c). 2

Frank B.…