O'Donnell v. Commissioner
United States Board of Tax Appeals
1. ESTATE TAX - NET ESTATE. - Held, in computing value of the net estate respondent erred in disallowing, under section 303(a)(1), Revenue Act of 1926, deduction of valid claims against the estate contracted bona fide and for an adequate and full consideration in money or money's worth, in excess of the value of assets of the estate available for the payment of such claims.
Read the full summary
1. ESTATE TAX - NET ESTATE. - Held, in computing value of the net estate respondent erred in disallowing, under section 303(a)(1), Revenue Act of 1926, deduction of valid claims against the estate contracted bona fide and for an adequate and full consideration in money or money's worth, in excess of the value of assets of the estate available for the payment of such claims. Prior decisions followed. 2. STATUTORY CONSTRUCTION. - The Board may not construe a statute, plain and unambiguous in terms, so as to supply what is conceived to be an omission leading to mischievous and absurd results, by…
1Opinion of the Court
*254OPINION.
Hill:
Petitioner’s decedent died leaving assets subject to the payment of funeral expenses and claims against the estate in the total amount of $55,611.84. The parties have stipulated, and we have'so found, that the funeral expenses amounted to $862.25, which amount was fair and reasonable, and that there were valid claims against the estate, contracted bona fide and for an adequate and full consideration in money or money’s worth, in the total amount of $708,473.01, or an aggregate o'f funeral expenses and claims in the amount of $709,335.26.
Respondent disallowed the deductions…
2Cases cited5 opinions
- Church of the Holy Trinity v. United StatesSupreme Court of the United States · 1892
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- Pirie v. Chicago Title & Trust Co.Supreme Court of the United States · 1901
- United States v. GoldenbergSupreme Court of the United States · 1897
- Treat v. WhiteSupreme Court of the United States · 1901
3Cited by10 opinions
- Mountain Water Co. v. CommissionerUnited States Tax Court · 1960
- Commissioner of Internal Revenue v. WindrowCourt of Appeals for the Fifth Circuit · 1937
- Howell v. CommissionerUnited States Tax Court · 1981
- Commissioner of Internal Revenue v. LyneCourt of Appeals for the First Circuit · 1937
- Brinker v. CommissionerUnited States Tax Court · 1975
5 more not listed; retrieve them via the Exa API.