Estate of Esposito v. Commissioner
United States Tax Court
Charitable Deduction -- Consent Dividend Under Sec. 565, I.R.C. 1954. -- An amount reported as 1957 income by the petitioner by consent under section 565, which amount it never received or accounted for as income in the administration of the estate but, if received, was received and accounted for as principal of the estate, was not shown to be properly a part of a charitable deduction for 1957.
1Opinion of the Court
OPINION
Muedock, Judge:
The Commissioner determined deficiencies in income tax of the petitioner of $14,172.59 for the period August 6 to December 31,1957, and $67,649 for 1958, by disallowing claimed charitable deductions. The issue in the case changed materially with the filing of the Commissioner’s brief in which he concedes that the charitable deduction claimed by the petitioner on its 1958 return was deductible and now contends that the charitable deduction in the amount of $34,277.20 claimed by the petitioner for 1957 is not deductible under section 642(c). He defends his action solely on…
2Cases cited2 opinions
- Bowers v. SlocumCourt of Appeals for the Second Circuit · 1927
- Leon A. Beeghly Fund v. CommissionerUnited States Tax Court · 1960
3Cited by4 opinions
- Sid W. Richardson Foundation v. United StatesCourt of Appeals for the Fifth Circuit · 1970
- Sid W. Richardson Foundation v. United StatesDistrict Court, N.D. Texas · 1969
- Estate of Esposito v. CommissionerUnited States Tax Court · 1963
- Sid W. Richardson Foundation v. United StatesCourt of Appeals for the Fifth Circuit · 1970