American National Bank & Trust Co. v. Logan

Otis, Justice.

The issue here presented is whether Federal and state income taxes payable upon the collection of accounts receivable by the executors of an estate are deductible in computing the state inheritance taxes assessed against the beneficiaries. The commissioner of taxation denied the deductions. In an action brought by the executors and beneficiaries in the district court, the de*266ductions were allowed. The commissioner appeals from that determination.

The parties have stipulated to the facts. Forrest A. Nutting died on August 26, 1961. His wife and daughters were his sole…