New York & N. J. Mausoleum Co. v. Commissioner
United States Board of Tax Appeals
A state statute required the establishment of a trust fund equal to 10 per cent of the cost of a mausoleum as a condition precedent to the use thereof. The petitioner did not establish such a fund, but later borrowed a sum of money which it placed on deposit as a special interest fund. In the taxable year it repaid part of the loan. Hold that petitioner did not create a trust which would reduce income either by exclusion or deduction.
1Opinion of the Court
*130OPINION.
Artjndell:
The statutes of New Jersey contain the following provisions:
No mausoleum, vault or crypt or structure so erected as aforesaid shall be used for the purpose of interring or depositing therein any dead body until a trust fund shall have been established and set apart, in accordance with the laws regulating trust funds in this State, amounting- to not less than ten per centum of the total cost of the structure; the interest, and that only, to be used for the perpetuation of said building ? but this clause shall not apply to private mausoleums or temporary receiving vaults.…
2Cited by4 opinions
- Meadowlawn Memorial Gardens, Inc. v. United StatesUnited States Court of Claims · 1980
- Woodlawn Cemetery Asso. v. CommissionerUnited States Board of Tax Appeals · 1933
- New York & N. J. Mausoleum Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Woodlawn Cemetery Asso. v. CommissionerUnited States Board of Tax Appeals · 1933