Tracy v. Commissioner
United States Board of Tax Appeals
1. Amounts of trust income distributed pursuant to will to testator's widow, who took under will in lieu of dower, are deductible from gross income of trust; following Butterworth v. Commissioner,290 U.S. 365. 2. Amounts of gain upon sales of trust securities, distributable to widow but added to corpus by trustees, are not deductible from gross income because not paid or set aside within taxable year for charitable institutions, under will providing that residue of corpus,…
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1. Amounts of trust income distributed pursuant to will to testator's widow, who took under will in lieu of dower, are deductible from gross income of trust; following Butterworth v. Commissioner,290 U.S. 365. 2. Amounts of gain upon sales of trust securities, distributable to widow but added to corpus by trustees, are not deductible from gross income because not paid or set aside within taxable year for charitable institutions, under will providing that residue of corpus, upon death of life beneficiary and after establishment of directed family trusts, should be given to charities.
1Opinion of the Court
GERTRUDE HEMLER TRACY, MARGARET M. REICHERT, AND CENTRAL TRUST COMPANY, TRUSTEES UNDER THE WILL OF DAVID E. TRACY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Tracy v. Commissioner
Docket Nos. 54828, 62982.
United States Board of Tax Appeals
30 B.T.A. 1156; 1934 BTA LEXIS 1215;
July 10, 1934, Promulgated
1. Amounts of trust income distributed pursuant to will to testator's widow, who took under will in lieu of dower, are deductible from gross income of trust; following Butterworth v. Commissioner,290 U.S. 365.
2. Amounts of gain upon sales of trust securities, distributable to widow…
2Cases cited2 opinions
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Tracy v. CommissionerUnited States Board of Tax Appeals · 1934