McCandless v. Commissioner
United States Board of Tax Appeals
1. During the taxable year a portion of the income of the decedent's estate in process of administration or settlement was turned over to the trustee of a testamentary trust, which returned it, less deductible expense, for income tax.
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1. During the taxable year a portion of the income of the decedent's estate in process of administration or settlement was turned over to the trustee of a testamentary trust, which returned it, less deductible expense, for income tax. Held, following Estate of Ida A. White,41 B.T.A. 525, that the amount so turned over to the trustee is a legal deduction from gross income under section 162(c) of the Revenue Act of 1934. 2. During the taxable year the petitioner paid the fees and traveling expenses of an accountant incurred in adjusting petitioner's income taxes for prior taxable years. Held,…
1Opinion of the Court
ESTATE OF JOHN A. MCCANDLESS, DECEASED, BISHOP TRUST COMPANY, LIMITED, EXECUTOR, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McCandless v. Commissioner
Docket No. 97943.
United States Board of Tax Appeals
42 B.T.A. 1309; 1940 BTA LEXIS 873;
November 27, 1940, Promulgated
1. During the taxable year a portion of the income of the decedent's estate in process of administration or settlement was turned over to the trustee of a testamentary trust, which returned it, less deductible expense, for income tax. Held, following Estate of Ida A. White,41 B.T.A. 525, that the amount so turned…
2Cases cited2 opinions
- Estate of White v. CommissionerUnited States Board of Tax Appeals · 1940
- McCandless v. CommissionerUnited States Board of Tax Appeals · 1940