Beatty v. Commissioner
United States Board of Tax Appeals
LOSSES - SALE OF CAPITAL ASSETS BY TRUST - WHETHER DEDUCTIBLE BY FIDUCIARY OR BENEFICLARY. - Petitioners were beneficiaries under a trust and also the remaindermen. During the taxable years the sole income of the trust was distributed to the beneficiaries. During the same years the trust sold certain capital assets at a loss. The trust is still in existence. Held, petitioners are not entitled to deduct such losses on their individual income tax returns.
1Opinion of the Court
T. ROSSLYN BEATTY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
JOHN T. BEATTY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MILDRED VERONESE BEATTY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Beatty v. Commissioner
Docket Nos. 45563-45565, 46866-46868.
United States Board of Tax Appeals
28 B.T.A. 1286; 1933 BTA LEXIS 1027;
August 29, 1933, Promulgated
LOSSES - SALE OF CAPITAL ASSETS BY TRUST - WHETHER DEDUCTIBLE BY FIDUCIARY OR BENEFICLARY. - Petitioners were beneficiaries under a trust and also the remaindermen. During the taxable years the sole…
2Cases cited1 opinion
- Beatty v. CommissionerUnited States Board of Tax Appeals · 1933