First Nat'l Bank v. Commissioner
United States Tax Court
Petitioner's decedent died leaving a will which, after providing for the payment of certain legacies and all his debts, devised and bequeathed all the residue of his estate to a trustee, who was to distribute the income therefrom to decedent's wife, his brother, and his sister, as life beneficiaries. A bank was named in the will as executor and trustee.
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Petitioner's decedent died leaving a will which, after providing for the payment of certain legacies and all his debts, devised and bequeathed all the residue of his estate to a trustee, who was to distribute the income therefrom to decedent's wife, his brother, and his sister, as life beneficiaries. A bank was named in the will as executor and trustee. About a month after the qualification of the executor the widow dissented from the will and acquired the statutory dower right in one-third part of the real estate of the decedent and the right to one-third of his personal estate. Upon and…
1Opinion of the Court
OPINION.
Ttson, Jvdge-.
It is admitted by petitioner, on brief, that no part of the 1941 income of the estate was paid or properly credited and that hence no deduction for income paid or credited is allowable under section 162 (c) of the Internal Kevenue Code, and that if the 1941 income is not deductible under section 162 (b) 1 it is not deductible under any other section or'subsection of the code.
The petitioner’s main contention is that the 1941 income of the estate was to be distributed currently by the fiduciary “from the date of death of the testator” to the life beneficiaries of the…
2Cases cited6 opinions
- Chick v. CommissionerUnited States Tax Court · 1946
- Latta v. BrownTennessee Supreme Court · 1896
- Bruner v. CommissionerUnited States Tax Court · 1944
- North v. PuckettTennessee Supreme Court · 1932
- American Nat. Bank of Nashville v. EmbryTennessee Supreme Court · 1944
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- MacMurray v. CommissionerUnited States Tax Court · 1951
- Smith's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1948
- Hirsch v. CommissionerUnited States Tax Court · 1947
- First Nat'l Bank v. CommissionerUnited States Tax Court · 1946
- Hirsch v. CommissionerUnited States Tax Court · 1947
2 more not listed; retrieve them via the Exa API.