First-Mechanics Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. ESTATE TAX - DEDUCTION FOR CLAIM AGAINST ESTATE - Where the executors allowed and paid a certain claim against decedent's estate with the approval of all the beneficiaries of the estate and such action was approved by a decree of the Orphans Court, held that such decree is not controlling in the Board's determination of the deductibility of the amount of the claim from the gross estate under the applicable revenue acts. 2. Id. - Upon the facts, held that the claim in…
Read the full summary
1. ESTATE TAX - DEDUCTION FOR CLAIM AGAINST ESTATE - Where the executors allowed and paid a certain claim against decedent's estate with the approval of all the beneficiaries of the estate and such action was approved by a decree of the Orphans Court, held that such decree is not controlling in the Board's determination of the deductibility of the amount of the claim from the gross estate under the applicable revenue acts. 2. Id. - Upon the facts, held that the claim in question was not a valid and enforceable one against decedent's estate within the meaning of the applicable revenue acts and…
1Opinion of the Court
*879OPINION.
Tyson :
The only question presented for decision is whether under the facts in the record petitioners are entitled to deduct for estate tax purposes the claim of Daniel P. Forst in the amount of $26,957.06. There is no question but that the claim was allowed and paid by the executors of the estate and that such action of the executors was approved and authorized by the Orphans Court of Mercer County, New Jersey.
The petitioners rely upon the claim submitted to the Mercer County Orphans Court and the decree of that court approving its allowance as establishing their right to the…
2Cases cited6 opinions
- Libby v. HaleySupreme Judicial Court of Maine · 1898
- Sanitary District of Chicago v. Chicago Title & Trust Co.Illinois Supreme Court · 1917
- Marine Iron Works v. WiessCourt of Appeals for the Fifth Circuit · 1906
- Mitchell v. Kemp & Burpee Mfg. Co.Court of Appeals for the Third Circuit · 1915
- Murmann v. WisslerMissouri Court of Appeals · 1906
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- First-Mechanics Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1939