Old Colony Trust Co. v. Commissioner
United States Board of Tax Appeals
Gain derived by executors from the sale of securities and distributed to pecuniary legatees as part of their legacies held not deductible by the executors under Revenue Act of 1934, section 162(b) or (c).
1Opinion of the Court
*829OPINION.
SteRnhagen:
Tlie Commissioner determined a deficiency of $6,251.49 in the income tax of the decedent’s estate for 1934. The facts are contained in a written stipulation and need not be set forth in detail.
The decedent died in 1933, leaving a will containing numerous pecuniary legacies. The executors were unable to pay these legacies in full; in 1933 and 1934 they sold securities at a profit, and in 1934 they distributed $44,854.25 profit and some other income among the pecuniary legatees pro rata. In their 1934 income tax return they took a deduction of this amount, which they called…
2Cases cited4 opinions
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Tomlinson v. BuryMassachusetts Supreme Judicial Court · 1887
- Porter v. HoweMassachusetts Supreme Judicial Court · 1899
- Chase v. Union National BankMassachusetts Supreme Judicial Court · 1931
3Cited by6 opinions
- Dunlop v. CommissionerCourt of Appeals for the Eighth Circuit · 1948
- Huesman's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1952
- Simon v. HoeyDistrict Court, S.D. New York · 1949
- Estate of Harry S. Bond v. The United StatesUnited States Court of Claims · 1964
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1939
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