Norris v. Wisconsin Tax Commission

The following opinion was filed June 12, 1931:

Fairchild, J.

The circuit court by its judgment held the $24,551.46 to be capital in the hands of the respondent *628and not taxable income. It is a fact that after Mr. Norris died July 7, 1926, the contract which brought the above amount into respondent’s estate was treated as corpus. Under the rule that the clear market value of the inventoried assets of an estate of a deceased person constitutes the corpus or principal to the executor, this amount was considered as a part thereof and its value was used to make up the total value on which the…