Hibbard, Spencer, Bartlett & Co. v. Commissioner
United States Board of Tax Appeals
Amounts paid into a fund during each year for pensioning its employees are deductible from gross income for the year as ordinary and necessary expenses of carrying on the petitioner's business, where the facts and circumstances connected with the creation and operation of the fund show that it is a trust and a separate taxable entity.
1Opinion of the Court
*470OPINION.
Murdock :
The petitioner contends and the respondent contravenes that under the stipulated facts in this case a valid trust was created, that it was thereafter a separate taxable entity and payments made *471to it were deductible from gross income of the petitioner as ordinary and necessary expenses of carrying on a trade or business. In arriving at a decision of this question the rules of law governing the creation of a trust must be examined and applied to these facts.
Perry on Trusts, 6th ed., section 82, states the law as follows:
Any agreement or contract in writing, made by a person…
2Cases cited14 opinions
- Colton v. ColtonSupreme Court of the United States · 1888
- Dolan's EstateSupreme Court of Pennsylvania · 1924
- Estate of SmithPennsylvania Orphans' Court, Philadelphia County · 1891
- Dickerson's AppealSupreme Court of Pennsylvania · 1887
- Lines v. Lines, Pennsylvania Court of Common Pleas, Northampton County1891
9 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Community Services, Incorporated v. The United StatesUnited States Court of Claims · 1970
- South Porto Rico Sugar Co. v. DescartesSupreme Court of Puerto Rico · 1955
- Community Services, Incorporated v. The United StatesUnited States Court of Claims · 1970
- Hibbard, Spencer, Bartlett & Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- South Porto Rico Sugar Co. v. DescartesSupreme Court of Puerto Rico · 1955
1 more not listed; retrieve them via the Exa API.