Carol v. Commissioner
United States Board of Tax Appeals
Where, under a trust created by will which makes no provision that the trustee shall deduct depreciation, the entire income is payable to the beneficiary, such beneficiary is entitled under section 23(k) of the Revenue Act of 1928 to take deduction of the depreciation suffered by the trust property, regardless of the fact that in the particular year there was no income from the trust property.
1Opinion of the Court
OPINION.
Van Fossan :
These proceedings were brought to redetermine deficiencies in the income taxes of the petitioner for the years 1929 and 1930 in the amounts of $1,306.52 and $1,510.46, respectively.
The sole issue is whether or not the petitioner, as an income beneficiary for life from property held under a trust created by will, is entitled to a deduction from her individual income for depreciation on such property, in the absence of a specific provision for depreciation in the will and of any deduction therefor in the fiduciary returns filed by the trustee.
The facts were stipulated…
2Cited by10 opinions
- John R. Upton, Anna L. S. Upton and Margaret St. Aubyn v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
- Commissioner of Internal Revenue v. NetcherCourt of Appeals for the Seventh Circuit · 1944
- Newbury v. United StatesUnited States Court of Claims · 1944
- Upton v. CommissionerUnited States Tax Court · 1959
- Estate of Nissen v. CommissionerUnited States Tax Court · 1964
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