Neave v. Commissioner
United States Tax Court
1. Deductions -- Ordinary and Necessary Expenses -- By Trust or Remainderman -- Section 23 (a) (2). -- Terminal trustee's commissions, and attorneys' fees and expenses incident to the distribution of assets and termination of a trust after the death of the life beneficiary paid by the trust are not deductible by a remainderman. 2. Net Capital Loss Carry-Over -- By Other Than Sustaining Taxpayer -- Section 117 (e) (1). -- A net loss carry-over of a trust resulting from sales…
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1. Deductions -- Ordinary and Necessary Expenses -- By Trust or Remainderman -- Section 23 (a) (2). -- Terminal trustee's commissions, and attorneys' fees and expenses incident to the distribution of assets and termination of a trust after the death of the life beneficiary paid by the trust are not deductible by a remainderman. 2. Net Capital Loss Carry-Over -- By Other Than Sustaining Taxpayer -- Section 117 (e) (1). -- A net loss carry-over of a trust resulting from sales made during life of life beneficiary can not be used by remainderman after death of life beneficiary. 3. Depreciation --…
1Opinion of the Court
OPINION.'
Murdock, Judge:
The petitioner contends that the inter vivos trust and the testamentary trust both terminated immediately upon the death, of his mother, and, as a result; he and his brother, rather than the trusts, are the taxpayers entitled to deductions under section 23 (a) (2) for commissions which the trustee thereafter paid to itself, for fees which it paid to attorneys for services in connection with the distribution of the assets of the trusts, the accounting, and the method used for terminating the trusts,, and for various miscellaneous adj ministration expenses, including…
2Cases cited12 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Helvering v. CliffordSupreme Court of the United States · 1940
- Heiner v. TindleSupreme Court of the United States · 1928
- Leslie v. CommissionerUnited States Tax Court · 1946
- Horrmann v. CommissionerUnited States Tax Court · 1951
7 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Riss v. CommissionerUnited States Tax Court · 1971
- Newcombe v. CommissionerUnited States Tax Court · 1970
- Burrow Trust v. CommissionerUnited States Tax Court · 1963
- Rand v. CommissionerUnited States Tax Court · 1960
- May v. CommissionerUnited States Tax Court · 1961
29 more not listed; retrieve them via the Exa API.