Le Fiell v. Commissioner
United States Tax Court
Estate -- Period of Administration. -- Petitioner and his deceased father carried on a business in partnership in which their respective interests were 40 per cent and 60 per cent. Petitioner's father died in 1942. Petitioner was appointed administrator. Petitioner did not liquidate the partnership business but continued its operations.
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Estate -- Period of Administration. -- Petitioner and his deceased father carried on a business in partnership in which their respective interests were 40 per cent and 60 per cent. Petitioner's father died in 1942. Petitioner was appointed administrator. Petitioner did not liquidate the partnership business but continued its operations. By May 3, 1944, all debts of the estate were paid, and all legatees, heirs at law, and possible claimants had executed agreements settling their claims. On May 19, 1944, the state probate court approved the agreements settling claims and the administrator's…
1Opinion of the Court
OPINION.
Harron, Judge:
Under section 161 (a) (3) of the Code, an estate is a taxable entity “during the period of administration or settlement of the estate.” Regulations 111, sec. 29.161-2, provides, in part, as follows:
The period of administration or settlement of the estate is the period required by the executor or administrator to perform the ordinary duties pertaining to administration, in particular the collection of assets and the payment of debts and legacies. It is the time actually required for this purpose, whether longer or shorter than the period specified in the local statute for…
2Cases cited20 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Freuler v. HelveringSupreme Court of the United States · 1934
- Reis v. CommissionerUnited States Tax Court · 1942
- Green v. CommissionerUnited States Tax Court · 1946
- Williams v. CommissionerUnited States Tax Court · 1951
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3Cited by1 opinion
- Le Fiell v. CommissionerUnited States Tax Court · 1953