Foster v. Commissioner
United States Board of Tax Appeals
Pursuant to an agreement to which the beneficiary of a testamentary trust was a party, distribution of funds in an estate was delayed and upon distribution the beneficiary received a lump sum designated "interest." Petitioner, as administratrix of the beneficiary, filed a request for prompt assessment.
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Pursuant to an agreement to which the beneficiary of a testamentary trust was a party, distribution of funds in an estate was delayed and upon distribution the beneficiary received a lump sum designated "interest." Petitioner, as administratrix of the beneficiary, filed a request for prompt assessment. Held, the sum received by the beneficiary was interest and as such was "properly includible" in the gross income of the beneficiary, and, since it was in excess of 25 percent of the amount reported in the return for 1936, section 275(c) of the Revenue Act of 1936 applies and thereby extends the…
1Opinion of the Court
ANNA M. B. FOSTER, TRANSFEREE OF THE ESTATE OF ABBIE A. SEWELL, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Foster v. Commissioner
Docket No. 103028.
United States Board of Tax Appeals
45 B.T.A. 126; 1941 BTA LEXIS 1174;
September 16, 1941, Promulgated
Pursuant to an agreement to which the beneficiary of a testamentary trust was a party, distribution of funds in an estate was delayed and upon distribution the beneficiary received a lump sum designated "interest." Petitioner, as administratrix of the beneficiary, filed a request for prompt assessment. Held, the sum…
2Cases cited1 opinion
- Foster v. CommissionerUnited States Board of Tax Appeals · 1941