Isham v. Commissioner
United States Board of Tax Appeals
Interest paid by the city of New York on a condemnation award and received by petitioner as life beneficiary of a trust is not exempt from income tax under section 213(b)(4) of the Revenue Act of 1926.
1Opinion of the Court
opinion.
Smith:
This is a proceeding for the redetermination of a deficiency in income tax for 1921 of $810.98 and results from increasing the taxable income by an amount of $1,295.52, trustees’ commissions received by the petitioner, which adjustment is not disputed. The petitioner claims, however, that the tax for the year has been overpaid by reason of the fact that there was erroneously included in her return for that year an amount of $21,555.46 interest on an award made by the city of New York in condemnation proceedings.
The petitioner is a resident of the city of New York and the widow…
2Cases cited2 opinions
- Hibernia Savings & Loan Society v. San FranciscoSupreme Court of the United States · 1906
- Matter of City of New York (West 151st St.)New York Court of Appeals · 1918
3Cited by6 opinions
- Bandes v. CommissionerUnited States Board of Tax Appeals · 1933
- Schoen v. CommissionerUnited States Board of Tax Appeals · 1934
- Stewart v. CommissionerUnited States Tax Court · 1982
- Astor v. CommissionerUnited States Board of Tax Appeals · 1935
- Isham v. CommissionerUnited States Board of Tax Appeals · 1932
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