Tucker v. Commissioner
United States Tax Court
Income Deductions -- Life Beneficiary -- Distributable Net Income -- Allocation of General Trust Expense Deductions -- Secs. 652(b) and 643(a)(3) -- Income Tax Regs., Sec. 1.652(b)-3(b). -- The Commissioner, in determining the deficiency, allocated general trust expenses, not directly related to any class of trust income, among the classes of distributable trust income, to the exclusion of nondistributable capital gains, in allowing a deduction of a part of those expenses…
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Income Deductions -- Life Beneficiary -- Distributable Net Income -- Allocation of General Trust Expense Deductions -- Secs. 652(b) and 643(a)(3) -- Income Tax Regs., Sec. 1.652(b)-3(b). -- The Commissioner, in determining the deficiency, allocated general trust expenses, not directly related to any class of trust income, among the classes of distributable trust income, to the exclusion of nondistributable capital gains, in allowing a deduction of a part of those expenses for the benefit of the life beneficiary in computing "distributable net income." Held, that the petitioners are not…
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined a deficiency of $28,703.71 in income tax of the petitioners for 1955. The only issue for decision is whether the petitioners, through Marcia, the income beneficiary of a trust, are entitled to a greater benefit from general expense deductions of the trust than has been allowed by the Commissioner in computing distributable net income of the trust. The answer depends upon the allocation of those general expenses among the several classes of trust income.
The facts have been presented by a stipulation which is adopted as the findings of fact.…
2Cited by9 opinions
- RATH PACKING COMPANY v. BaconDistrict Court, S.D. Iowa · 1966
- Tucker v. CommissionerCourt of Appeals for the Second Circuit · 1963
- Van Buren v. CommissionerUnited States Tax Court · 1987
- Fabens v. CommissionerUnited States Tax Court · 1974
- Baker v. CommissionerUnited States Tax Court · 1990
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