Pozzo Di Borgo v. Commissioner
United States Tax Court
Petitioner in 1949 paid commissions to a trustee upon the revocation of a trust previously created by her. The total amount of the commissions was determined in accordance with provisions of the New York Civil Practice Act as "commissions from principal" for receiving and paying out the entire value of the principal. 36.5136 per cent of the total value of the principal consisted of securities the income or interest from which was exempt from the income tax.
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Petitioner in 1949 paid commissions to a trustee upon the revocation of a trust previously created by her. The total amount of the commissions was determined in accordance with provisions of the New York Civil Practice Act as "commissions from principal" for receiving and paying out the entire value of the principal. 36.5136 per cent of the total value of the principal consisted of securities the income or interest from which was exempt from the income tax. Petitioner contends that the commissions paid out of principal were expenses paid solely for the management, conservation, or maintenance…
1Opinion of the Court
Valerie Norrie Pozzo di Borgo, Petitioner, v. Commissioner of Internal Revenue, Respondent
Pozzo Di Borgo v. Commissioner
Docket No. 47528
United States Tax Court
23 T.C. 76; 1954 U.S. Tax Ct. LEXIS 72;
October 15, 1954, Filed
Decision will be entered for the respondent.
Petitioner in 1949 paid commissions to a trustee upon the revocation of a trust previously created by her. The total amount of the commissions was determined in accordance with provisions of the New York Civil Practice Act as "commissions from principal" for receiving and paying out the entire value of the principal. 36.5136 per…
2Cases cited5 opinions
- Smart v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1945
- Civiletti v. CommissionerUnited States Tax Court · 1944
- Civiletti v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1945
- Knox Trust v. CommissionerUnited States Tax Court · 1944
- Pozzo Di Borgo v. CommissionerUnited States Tax Court · 1954