McConnell v. Commissioner
United States Board of Tax Appeals
The taxpayer received income from an estate under the provisions of the will of a decedent who died in 1905. Held, that the total amount of the income received was liable to income tax. Irwin v. Gavit,268 U.S. 161. Held, further, that the taxpayer is not entitled to a deduction from gross income for exhaustion by reason of the fact that her interest in the estate of the decedent was only a life interest.
1Opinion of the Court
*264OPINION.
Smith:
The appeal of the taxpayer is based on three points: First, that the receipts from the estate of Frederick A. Poth did not constitute income; second, that if the amounts received from the *265estate during the taxable years are considered income they should be reduced by depreciation of the taxpayer’s life estate due to the lapse of time; and, third, deductions should be allowed for obsolescence of the life estate due to the passage of the prohibition amendment.
Under the will of Frederick A. Poth, the residue of his estate was left to trustees, who were to exercise absolute control…
2Cases cited2 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Irwin v. GavitSupreme Court of the United States · 1925
3Cited by4 opinions
- Catlin v. CommissionerUnited States Board of Tax Appeals · 1932
- Fleming v. CommissionerUnited States Board of Tax Appeals · 1927
- McConnell v. CommissionerUnited States Board of Tax Appeals · 1926
- Widener v. CommissionerUnited States Board of Tax Appeals · 1927