Julia R. & Estelle L. Foundation, Inc. v. Commissioner
United States Tax Court
Petitioner, a private foundation, incurred expenses attributable in part to its investment activities and in part to its making distributions to public charitable, educational, and scientific organizations. Held, only the investment-related expenses are deductible in calculating net investment income under sec. 4940, I.R.C. 1954.
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined a deficiency of $1,119.76 in petitioner’s excise tax liability under section 4940(a)1 for the taxable year ending December 31,1973. The sole issue for decision is the extent to which the expenses of petitioner in the conduct of its operations are deductible in determining “net investment income” under section 4940(c).
All of the facts have been stipulated, and the stipulation, together with the exhibits, is incorporated herein by this reference.
Petitioner had its principal office in Buffalo, N. Y., at the time it filed its petition herein. It…
2Cases cited17 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Bingler v. JohnsonSupreme Court of the United States · 1969
- United States v. GilmoreSupreme Court of the United States · 1963
- Trust Under the Will of Bingham v. CommissionerSupreme Court of the United States · 1945
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
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3Cited by11 opinions
- Minnis v. CommissionerUnited States Tax Court · 1979
- Historic House Museum Corp. v. CommissionerUnited States Tax Court · 1978
- Kast v. CommissionerUnited States Tax Court · 1982
- Indiana University Retirement Community, Inc. v. CommissionerUnited States Tax Court · 1989
- Historic House Museum Corp. v. CommissionerUnited States Tax Court · 1978
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