Day v. Commissioner
United States Board of Tax Appeals
Petitioner created a trust for his son, the corpus consisting of a note secured by a mortgage under seal. Alleged interest payments made on the note by petitioner during the taxable year, held, not deductible, since the note was given without consideration and hence constituted an unenforceable obligation. Johnson v. Commissioner, 86 Fed.(2d) 710, followed; William Park,38 B.T.A. 1118, distinguished.
1Opinion of the Court
JULIUS G. DAY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Day v. Commissioner
Docket No. 96835.
United States Board of Tax Appeals
42 B.T.A. 109; 1940 BTA LEXIS 1046;
June 18, 1940, Promulgated
Petitioner created a trust for his son, the corpus consisting of a note secured by a mortgage under seal. Alleged interest payments made on the note by petitioner during the taxable year, held, not deductible, since the note was given without consideration and hence constituted an unenforceable obligation. Johnson v. Commissioner, 86 Fed.(2d) 710, followed; William Park,38 B.T.A. 1118,…
2Cases cited30 opinions
- Morton v. CommissionerUnited States Board of Tax Appeals · 1938
- Dwy v. Connecticut Co.Supreme Court of Connecticut · 1915
- Donovan v. BoeckSupreme Court of Missouri · 1909
- Lee v. MacOn County BankSupreme Court of Alabama · 1937
- J. W. Pierson Co. v. FreemanSupreme Court of New Jersey · 1933
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