Grey v. Commissioner
United States Board of Tax Appeals
1. Amounts paid or permanently set aside to be used exclusively for religious, charitable, etc. purposes are allowed as deductions in computing the income of an estate or trust as provided in subdivision (a) of section 162 of the Revenue Act of 1934 and the organizations receiving such payments may not be classified as beneficiaries for the purpose of applying subdivision (b) of the same section. 2. Dividends, depreciation, tax-exempt income and taxable income should, in the…
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1. Amounts paid or permanently set aside to be used exclusively for religious, charitable, etc. purposes are allowed as deductions in computing the income of an estate or trust as provided in subdivision (a) of section 162 of the Revenue Act of 1934 and the organizations receiving such payments may not be classified as beneficiaries for the purpose of applying subdivision (b) of the same section. 2. Dividends, depreciation, tax-exempt income and taxable income should, in the absence of specific directions in the trust instrument to the contrary, be allocated between the taxable and the…
1Opinion of the Court
CHARLES F. GREY AND JOSEPHINE C. GREY (HUSBAND AND WIFE), PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Grey v. Commissioner
Docket No. 90320.
United States Board of Tax Appeals
41 B.T.A. 234; 1940 BTA LEXIS 1213;
January 31, 1940, Promulgated
1. Amounts paid or permanently set aside to be used exclusively for religious, charitable, etc. purposes are allowed as deductions in computing the income of an estate or trust as provided in subdivision (a) of section 162 of the Revenue Act of 1934 and the organizations receiving such payments may not be classified as beneficiaries for the…
2Cases cited1 opinion
- Grey v. CommissionerUnited States Board of Tax Appeals · 1940