Kimball v. Commissioner
United States Board of Tax Appeals
The beneficiary of an estate is not liable to income tax in respect of income of the estate not received by him but held by the estate pursuant to the provisions of the will of the decedent until such time as the principal of certain advancements has been wiped out.
1Opinion of the Court
*476OPINION.
Smith:
It was stipulated by the parties to this proceeding that the only issue to be decided by the Board is whether under the facts above found the amount of $3,500 withheld by the executor in accordance with the fifteenth clause of the will of David P- Kimball constituted income to the petitioner for the year 1923.
An advancement in its legal acceptation does not involve the idea of obligation of future liability to answer. Yundt's Appeal, 13 Pa. 575, 580; 53 Am. D. 496; Kinney v. Newbold, 115 Iowa 145; 88 N. W. 328.
*477In its legal sense, and as employed in the law of descent and…
2Cases cited2 opinions
- Yundt's AppealSupreme Court of Pennsylvania · 1850
- Kinney v. NewboldSupreme Court of Iowa · 1901
3Cited by1 opinion
- Kimball v. CommissionerUnited States Board of Tax Appeals · 1927