In Re Estate of Ida Wray Nissen, Deceased. Wachovia Bank and Trust Company v. Commissioner of Internal Revenue

BOREMAN, Circuit Judge:

Taxpayer, Executor of the Estate of Ida Wray Nissen, seeks review of an adverse decision of the Tax Court. The only issue to be decided is whether, for federal income tax purposes, an estate is entitled to deduct the entire annual depreciation allowances on certain estate assets for the taxable years 1956, 1957 and 1958, or whether such depreciation deductions must be apportioned between the estate and certain named individuals who received discretionary distributions of estate income during those years. The Tax Court held that the deductions must be apportioned under…