Civiletti v. Commissioner
United States Tax Court
Under a New York statute establishing the rate of compensation for testamentary trustees based on the amount of principal received and paid out, and, where such duties existed, on the amount of income received and distributed annually, petitioner as trustee received, in 1940, $ 31,025.12 for receiving and paying out principal of a testamentary trust since 1929. He had received annually his compensation for receiving and distributing income, totaling about $ 17,000 for the…
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Under a New York statute establishing the rate of compensation for testamentary trustees based on the amount of principal received and paid out, and, where such duties existed, on the amount of income received and distributed annually, petitioner as trustee received, in 1940, $ 31,025.12 for receiving and paying out principal of a testamentary trust since 1929. He had received annually his compensation for receiving and distributing income, totaling about $ 17,000 for the entire period. Held, all such amounts were received by him as compensation for his services as trustee, and, since he did…
1Opinion of the Court
OPINION.
Kern, Judge:
There is presented for our decision only one issue, and that is whether petitioner is entitled to the advantage afforded by section 107 of the Internal Eevenue Code in computing his income tax liability for 1940.
That section, as it was in 1940, provided as follows:
SEC. 107. COMPENSATION FOR SERVICES RENDERED FOR A PERIOD OF FIVE YEARS OR MORE.
In the case of compensation (a) received, for personal services rendered by an Individual in his individual capacity, or as a member of a partnership, and covering a period of five calendar years or more from the beginning to the…
2Cited by37 opinions
- Estate of Scofield v. CommissionerUnited States Tax Court · 1956
- Lum v. CommissionerUnited States Tax Court · 1949
- Nast v. CommissionerUnited States Tax Court · 1946
- Spears v. CommissionerUnited States Tax Court · 1946
- Knox Trust v. CommissionerUnited States Tax Court · 1944
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