Estate of Nissen v. Commissioner
United States Tax Court
The allowable deduction for depreciation of a building owned by an estate is to be apportioned between the estate and the distributees of income of the estate for the years in question, pursuant to sec. 167(g), I.R.C. 1954, despite an allocation to corpus by the executor, pursuant to a provision of the testatrix's will, of additions made in the years in question to a reserve for depreciation of the building.
1Opinion of the Court
OPINION
We are here called upon to decide who is entitled to the deduction for the depreciation of the Nissen Building in the years in question. Petitioner takes the position that the estate is entitled to deduct the full amount of the allowable depreciation in each year, whereas respondent contends that the estate may take only such portions as are ratable to the portions of estate’s income in each year, allocable to the estate. The language of the statutory deficiency notice is “apportioned between the estate and the estate beneficiaries on the basis of the income of the estate allocable to…
2Cases cited17 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Helvering v. City Bank Farmers Trust Co.Supreme Court of the United States · 1935
- Wisconsin RR Comm. v. C., B. & QRR CO.Supreme Court of the United States · 1922
- Carasso v. CommissionerUnited States Tax Court · 1960
- Max and Fannie Carasso v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1961
12 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Borbonus v. CommissionerUnited States Tax Court · 1964
- In Re Estate of Ida Wray Nissen, Deceased. Wachovia Bank and Trust Company v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1965
- W. H. Lamkin, Independent Executors of the Estate of Elizabeth Sullivan Clem v. United StatesCourt of Appeals for the Fifth Circuit · 1976
- Borbonus v. CommissionerUnited States Tax Court · 1964
- Estate of Nissen v. CommissionerUnited States Tax Court · 1964