Walker v. Commissioner
United States Tax Court
By his will, John Walker created a trust, gave Susan C. Walker, his widow, the net income therefrom for life and gave his son, Henry P. Walker, a limited power of appointment of a one-fourth share of the trust, exercisable in the event Henry should die without issue surviving him.
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By his will, John Walker created a trust, gave Susan C. Walker, his widow, the net income therefrom for life and gave his son, Henry P. Walker, a limited power of appointment of a one-fourth share of the trust, exercisable in the event Henry should die without issue surviving him. Henry died without issue and, by his will, he exercised the power of appointment, directing that the one-fourth share of the trust be held in further trust by James E. MacCloskey, Jr., as trustee, to pay the income of the one-fourth share, one-third to a sister of Henry for life and, during the sister's lifetime, to…
1Opinion of the Court
OPINION.
Wethby, Judge:
The Commissioner has determined a deficiency in income tax of petitioner for the year 1953 in the amount of $2,723.44.
Issues presented by the pleadings are the correctness of the respondent’s action (1) in determining that an amount of $8,085.59 taken by petitioner as a deduction in its income tax return was not permanently set aside for charities during the taxable year 1953 within the meaning of section 162 (a) of the Internal Kevenue Code of 1939 and therefore was not allowable as a deduction, (2) in failing to determine that the foregoing amount of $8,085.59 was…
2Cases cited8 opinions
- Freuler v. HelveringSupreme Court of the United States · 1934
- Walker EstateSupreme Court of Pennsylvania · 1954
- Whitehead v. CommissionerUnited States Tax Court · 1944
- Commissioner of Internal Revenue v. Citizens & Southern Nat. BankCourt of Appeals for the Fifth Circuit · 1945
- Bruner v. CommissionerUnited States Tax Court · 1944
3 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Ernest & Mary Hayward Weir Foundation v. United StatesDistrict Court, S.D. New York · 1973
- Walker v. CommissionerUnited States Tax Court · 1958