Chase Nat'l Bank v. Commissioner
United States Board of Tax Appeals
A widow by compromise gave up her right to take one-third of her husband's estate contrary to his will, in consideration of an agreement for payment by the executors and trustees under the will of $9,000 per year for life, and in the taxable year received $8,250. The payments were agreed to be made out of the residue of the estate, though as security for such payments the executors and trustees agreed to set aside out of the residue of the estate securities sufficient, in…
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A widow by compromise gave up her right to take one-third of her husband's estate contrary to his will, in consideration of an agreement for payment by the executors and trustees under the will of $9,000 per year for life, and in the taxable year received $8,250. The payments were agreed to be made out of the residue of the estate, though as security for such payments the executors and trustees agreed to set aside out of the residue of the estate securities sufficient, in their sole judgment, to produce income to make the payments. The principal could, if necessary, be drawn upon for the…
1Opinion of the Court
OPINION.
Disney:
This proceeding involves income taxes for the period January 22 to December 31, 1934. Deficiency of $4,290 was determined by the respondent, and the total amount thereof is in issue. *45The facts have been stipulated, except certain facts placed in evidence by testimony, from which we find the following additional facts: The $8,250 involved in this proceeding was paid to Annie Sartorius by check on December 17, 1984. At that date the estate had about $31,000 income accumulated, ample to make the payment. The payment was originally charged against principal. Later, on February 21,…
2Cases cited3 opinions
- Lyeth v. HoeySupreme Court of the United States · 1938
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Burnet v. WhitehouseSupreme Court of the United States · 1931
3Cited by11 opinions
- In Re Sage's EstateCourt of Appeals for the Third Circuit · 1941
- Sage v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1941
- Harte v. United StatesDistrict Court, S.D. New York · 1957
- Estate of Vease v. CommissionerUnited States Tax Court · 1961
- Hanover Bank v. CommissionerUnited States Tax Court · 1963
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