Knox Trust v. Commissioner
United States Tax Court
Commissions paid to testamentary trustees, out of the corpora of the testamentary trusts, based on a percentage of receipts and disbursements of trust assets in accordance with section 285 of the New York Surrogate's Court Act, held, deductible from the gross income of the trusts under section 23 (a) (2) of the Internal Revenue Code, added by section 121 of the Revenue Act of 1942.
1Opinion of the Court
OPINION.
Smith, Judge:
These proceedings, consolidated for hearing, involve deficiencies and claimed overpayments in income tax for the calendar year 1936 as follows:
[[Image here]]
The only question in issué is the right of the petitioner trusts to the deduction of commissions paid to the trustees.
The proceedings have been submitted on the following stipulation of facts:
2. Bach petitioner herein is a testamentary trust established May 15, 1935, pursuant to provisions in the will of Henry D. Knox who died January 12, 1934, leaving a last will and testament which was duly probated in the…
2Cases cited11 opinions
- In Re the Accounting of BarkerNew York Court of Appeals · 1921
- In Re the Accounting of BusheNew York Court of Appeals · 1919
- In Re the Judicial Settlement of the Account of WilletsNew York Court of Appeals · 1889
- Civiletti v. CommissionerUnited States Tax Court · 1944
- Rentschler v. CommissionerUnited States Tax Court · 1943
6 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- EW Bliss Company v. United StatesDistrict Court, N.D. Ohio · 1963
- Bryant v. CommissionerUnited States Tax Court · 1950
- Farris v. CommissionerUnited States Tax Court · 1954
- In Re Bessemer Trust CompanyNew Jersey Superior Court Appellate Division · 1976
- Pozzo Di Borgo v. CommissionerUnited States Tax Court · 1954
6 more not listed; retrieve them via the Exa API.