Carlisle v. Commissioner
United States Tax Court
An estate of which the petitioner was the residuary legatee had net income in the amount of $ 24,709.74 for the year 1942, and in December of that year the final account of the estate was filed with the probate court and all of the cash and other assets were distributed to petitioner.
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An estate of which the petitioner was the residuary legatee had net income in the amount of $ 24,709.74 for the year 1942, and in December of that year the final account of the estate was filed with the probate court and all of the cash and other assets were distributed to petitioner. Held, under the provisions of section 162 (b), I. R. C., as amended by section 111 (b) of the Revenue Act of 1942, the entire net income of the estate is "income which is to be distributed currently" and is includible in the taxable income of petitioner.
1Opinion of the Court
OPINION.
HaRlan, Judge:
At the hearing the petitioner conceded that the deduction of $3,564.59 for attorney fees taken on the fiduciary return constituted an improper deduction and that the correct net income, of the estate for the year 1942 was, therefore, $24,709.74. On brief she contends that the capital gain of $43,006.08, of which 50 per cent, or $21,503.04, was taxable to the estate as a capital net gain, is not taxable to her because it constitutes an increase in the corpus of the estate distributable or distributed as corpus which was not deducted or deductible by the estate under the…
2Cited by15 opinions
- Aaron v. CommissionerUnited States Tax Court · 1954
- Hargis v. CommissionerUnited States Tax Court · 1953
- LeFiell v. CommissionerUnited States Tax Court · 1953
- Kaiser v. CommissionerUnited States Tax Court · 1952
- Le Fiell v. CommissionerUnited States Tax Court · 1953
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