O'Brien v. Commissioner
United States Tax Court
Taxpayer was the executrix and residuary legatee of the will of her husband. One of the assets of his estate was a block of shares in a holding company which owned the stock of certain national banks. When the banks failed, the executrix took a deduction for worthlessness of the shares owned by the estate on her fiduciary return for 1933. The shareholders of the holding company were deemed liable for the assessment on the bank stock.
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Taxpayer was the executrix and residuary legatee of the will of her husband. One of the assets of his estate was a block of shares in a holding company which owned the stock of certain national banks. When the banks failed, the executrix took a deduction for worthlessness of the shares owned by the estate on her fiduciary return for 1933. The shareholders of the holding company were deemed liable for the assessment on the bank stock. The executrix paid the estate's proportionate part of such assessment and deducted such amount on her fiduciary return for 1935. The estate received a…
1Opinion of the Court
OPINION.
Raum, Judge:
During 1944 petitioner received an aggregate of $26,144.77 from Guardian Depositors Corporation in connection with the Settlement Fund Certificate to which she had succeeded as the sole residuary legatee of the estate of her deceased husband. Of that amount, $8,554.25 was denominated as “interest”; the remaining $17,-590.52 represents so-called principal. The question for decision is whether the $26,144.77, or any of its components, represents taxable income, reportable by petitioner. We shall deal separately with the items of principal and interest.
1. As to principal of…
2Cases cited4 opinions
- Birmingham Terminal Co. v. CommissionerUnited States Tax Court · 1951
- Tuttle v. United StatesUnited States Court of Claims · 1951
- Murphy v. CommissionerUnited States Tax Court · 1954
- Rose v. CommissionerUnited States Tax Court · 1947
3Cited by1 opinion
- O'Brien v. CommissionerUnited States Tax Court · 1954