Smart v. Commissioner of Internal Revenue

L. HAND, Circuit Judge.

This appeal involves the petitioner’s income tax for the year 1941, and the question is whether § 107 of the Internal Revenue Code, as amended by § 139 of the Revenue Act of 1942, 26 U.S.C.A. Int.Rev. Code, § 107, covered his receipt in that year of certain commissions as trustee. He was one of two trustees under the will of a resident of New Jersey who died in 1933, leaving an estate of over $10,000,000 made up of securities and other personal property, together with two pieces of real estate: one in New Jersey, and the other in Maine, neither of which produced any…