Wurts-Dundas v. Commissioner
United States Board of Tax Appeals
Attorneys' fees paid by the guardian of the petitioner to assert her rights to one-half of the net income of the trust estate of J. Dundas Lippincott during the life of Isabel A. Lippincott are deductible expenses in the computation of net income.
1Opinion of the Court
*883OPINION.
MoRkis:
The sole question for determination is whether the respondent incorrectly disallowed the sum of $25,011.75 as a deduction in the computation of net income representing attorneys’ fees paid by the guardian herein out of the moneys belonging to its ward, the petitioner, in 1923.
Section 214 of the Revenue Act of 1921 provides, in so far as it is material to the issue here:(a) That in computing net income there shal) be allowed as deductions:
⅜ * * * * * ⅜(1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business,…
2Cases cited1 opinion
- Kornhauser v. United StatesSupreme Court of the United States · 1928
3Cited by2 opinions
- Reese v. CommissionerUnited States Board of Tax Appeals · 1933
- Wurts-Dundas v. CommissionerUnited States Board of Tax Appeals · 1929