Wolf v. Commissioner
United States Board of Tax Appeals
Interest on an undistributed pecuniary legacy, paid out of income of the estate to a legatee widow pursuant to section 21, Pennsylvania Fiduciaries' Act of 1917, held, income taxable to the recipient and not a tax free bequest or allowance for maintenance and support.
1Dissent
Leech,
dissenting: The majority opinion is premised upon two positions. These are: (1) The disputed payment was received by petitioner as “ interest ” and was, therefore, taxable as such, within section 22 (a) of the Eevenue Act of 1928, and, (2) if not received as “ interest ”, in any event, it was received as income from a bequest and taxable under section 22 (b) (3) of the same act.
In my opinion, neither position is sound.(1) “ Interest ” can not be made such by mere designation. Johnson Locke Mercantile Co. v. Burnet, 51 Fed. (2d) 434. The term has a well recognized meaning in the law.…
2Cases cited7 opinions
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Hartford Fire Insurance v. Chicago, Milwaukee & St. Paul Railway Co.Supreme Court of the United States · 1899
- Burnet v. WhitehouseSupreme Court of the United States · 1931
- Sioux City Terminal Railroad & Warehouse Co. v. Trust Co. of North AmericaSupreme Court of the United States · 1899
- Todd's EstateSupreme Court of Pennsylvania · 1912
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