Smart v. Commissioner
United States Tax Court
Petitioner was a cotrustee of a trust from about 1933 to 1944, and as such he received commissions for collecting the income of the trust and also compensation for looking after the corpus.
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Petitioner was a cotrustee of a trust from about 1933 to 1944, and as such he received commissions for collecting the income of the trust and also compensation for looking after the corpus. In determining whether petitioner is entitled to the relief provided for in section 107, I. R. C., as amended, for the taxable year 1941, held, the "total compensation for personal services," as that term is used in the code, must include both the commissions for collecting income and also the compensation for looking after the corpus. In applying this test petitioner did not receive in the taxable year at…
1Opinion of the Court
OPINION.
Black, Judge:
Is petitioner entitled to the relief provided for in section 107 of the Internal Eevenue Code? This section was added to the code by section 220 of the Eevenue Act of 1939 and has been amended by section 139 of the Eevenue Act of 1942 and section 119 of the Eevenue Act of 1943. Only the 1942 amendment is applicable here, and the material provisions thereof are in the margin.1
Since the taxable year here involved is one “beginning after December 31, 1940, and not beginning after December 31, 1941” petitioner is entitled to the relief provided for in code section 107, as…
2Cases cited2 opinions
- Civiletti v. CommissionerUnited States Tax Court · 1944
- Slough v. CommissionerUnited States Tax Court · 1944
3Cited by3 opinions
- Warren v. CommissionerUnited States Tax Court · 1953
- Smart v. CommissionerUnited States Tax Court · 1945
- Warren v. CommissionerUnited States Tax Court · 1953