Fairbanks v. Commissioner
United States Tax Court
At the date of decedent's death, January 27, 1940, she was entitled to receive certain delay rentals at a future date. These rentals were specifically bequeathed to decedent's four children and her husband, one-fifth to each, and the executors were directed by the will to distribute such net rentals currently.
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At the date of decedent's death, January 27, 1940, she was entitled to receive certain delay rentals at a future date. These rentals were specifically bequeathed to decedent's four children and her husband, one-fifth to each, and the executors were directed by the will to distribute such net rentals currently. After decedent's death a dispute arose between the executors and decedent's husband over the division of decedent's property, and the Sun Oil Co., when it made payment of the delay rentals in December 1940, deposited them in a bank in Houston, Texas, to a joint account of the husband…
1Opinion of the Court
OPINION.
Black, Judge:
The Commissioner has determined a deficiency of $4,440.30 in income-tax against the estate of Margaret McAllen Fairbanks, deceased, for the year 1940. The deficiency is due to one adjustment made by the Commissioner in the return filed for the estate by the executors. That adjustment was explained in the deficiency notice as follows:(a) On line 16 of your return for the year 1940 you claimed a deduction of income distributable to the beneficiaries in the total amount of $20,677.91 which has been found to include an amount of $19,255.58 received from oil rentals and…
2Cases cited2 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Fairbanks v. McAllenCourt of Appeals of Texas · 1943
3Cited by8 opinions
- Roebling v. CommissionerUnited States Tax Court · 1952
- Gallade v. CommissionerUnited States Tax Court · 1996
- Smith's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1948
- R. Neal Bright, Etc. v. United StatesCourt of Appeals for the Fifth Circuit · 1991
- Alfred E. Gallade v. CommissionerUnited States Tax Court · 1996
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