Astor v. Commissioner
United States Board of Tax Appeals
1. Property, held in a trust of which the petitioner was a life beneficiary, was condemned and taken by the city of New York prior to the taxable year. The city paid to the trust in the taxable year as just compensation an amount representing the value of the property taken, with interest thereon from the date of the taking. The amount computed as interest was distributable to the petitioner in the taxable year.
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1. Property, held in a trust of which the petitioner was a life beneficiary, was condemned and taken by the city of New York prior to the taxable year. The city paid to the trust in the taxable year as just compensation an amount representing the value of the property taken, with interest thereon from the date of the taking. The amount computed as interest was distributable to the petitioner in the taxable year. Held, that if the amount was interest, it represented interest on obligations of a resident within the meaning of section 119(a)(1) of the Revenue Act of 1928 and was taxable to the…
1Opinion of the Court
OPINION.
Murdock :
The Commissioner determined a deficiency of $76,114.63 for the calendar year 1929. Two issues are presented for decision by the Roard. The facts have been stipulated. The first issue is whether or not the interest which the petitioner received from the city of New York upon a condemnation award is income from sources within the United States to a nonresident alien. The two principal arguments advanced by the petitioner relating to the meaning of the words “ obligations ” and “ resident ” as used in section 119(a) (1) were fully answered by the Supreme Court in two recent…
2Cases cited2 opinions
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- British-American Tobacco Co. v. HelveringSupreme Court of the United States · 1934
3Cited by3 opinions
- Chevron Corp. v. CommissionerUnited States Tax Court · 1995
- Astor v. CommissionerUnited States Board of Tax Appeals · 1935
- Chevron Corp. v. CommissionerUnited States Tax Court · 1995