Seaboard Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. The petitioner commingled funds of the estate derived from the sale of prior-taxed property with funds derived from other sources, and made expenditures therefrom deductible under paragraph 1 of section 403(a) of the Revenue Act of 1921. The funds from other than prior-taxed property were not sufficient to meet all such expenditures as made, but the present estate at decedent's death, and at all times thereafter, was of sufficient value to cover all charges against it,…
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1. The petitioner commingled funds of the estate derived from the sale of prior-taxed property with funds derived from other sources, and made expenditures therefrom deductible under paragraph 1 of section 403(a) of the Revenue Act of 1921. The funds from other than prior-taxed property were not sufficient to meet all such expenditures as made, but the present estate at decedent's death, and at all times thereafter, was of sufficient value to cover all charges against it, deductible under paragraphs (1) and/or (3) of said section. Held, that the deduction allowable under paragraph 2 of said…
1Opinion of the Court
*1392OPINION.
Trammell:
The principal issue, in this proceeding involves the correctness of the respondent’s action in reducing the deduction allowed for prior-taxed property under paragraph (2) of section 403 (a) of the Eevenue Act of 1921 by the amount of deductions allowed under paragraph (1) of said section, in determining the value of the net estate. Also, the petitioner here claims for the first time certain additional deductions under paragraph (1) of said section on account of expenditures for administration expenses and claims against the estate, which were not presented to the respondent…
2Cited by4 opinions
- Bingham v. CommissionerUnited States Board of Tax Appeals · 1929
- Crary v. CommissionerUnited States Board of Tax Appeals · 1930
- Rolfe v. CommissionerUnited States Board of Tax Appeals · 1929
- Seaboard Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1928