Estate of Norris v. Commissioner
United States Tax Court
At a time when she owned tax-exempt obligations, decedent borrowed from a bank and used the loan proceeds to pay a portion of her Federal tax liabilities. Held, under the particular circumstances of this case, decedent did not incur or continue indebtedness for the purpose of purchasing or carrying tax-exempt obligations within the meaning of sec. 265(2), I.R.C. 1954.
1Opinion of the Court
ESTATE OF DELLORA A. NORRIS, CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO, GEORGE N. GAYNOR AND ROBERT C. NORRIS, CO-EXECUTORS, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Estate of Norris v. Commissioner
Docket No. 1852-78.
United States Tax Court
T.C. Memo 1981-368; 1981 Tax Ct. Memo LEXIS 374; 42 T.C.M. (CCH) 408; T.C.M. (RIA) 81368;
July 16, 1981.
At a time when she owned tax-exempt obligations, decedent borrowed from a bank and used the loan proceeds to pay a portion of her Federal tax liabilities. Held, under the particular circumstances of this case,…
2Cases cited30 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Morton v. CommissionerUnited States Board of Tax Appeals · 1938
- Dean v. CommissionerUnited States Tax Court · 1961
- Denman v. SlaytonSupreme Court of the United States · 1931
- Malinowski v. CommissionerUnited States Tax Court · 1979
25 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Dillon, Read & Co. v. United StatesUnited States Court of Claims · 1988