Macy v. Commissioner
United States Tax Court
The father of the petitioners died in March 1930 leaving a will in which he named the petitioners and a cousin, Carleton Macy, as executors of the will and as trustees of three residuary trusts provided for in the will. Early in April 1930 the three duly qualified as executors and trustees.
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The father of the petitioners died in March 1930 leaving a will in which he named the petitioners and a cousin, Carleton Macy, as executors of the will and as trustees of three residuary trusts provided for in the will. Early in April 1930 the three duly qualified as executors and trustees. At and prior to his death the decedent was engaged in the making of investments in and in directing, supervising, promoting and developing various enterprises, which in turn were variously engaged in financing, real estate operations, the publication of daily and weekly newspapers, and in other activities.…
1Opinion of the Court
OPINION.
Turner, Judge:
The primary contention of the petitioners is that they were engaged in the business of acting as executors and trustees and that the amounts paid by them in order to settle the contest of their accountings constituted ordinary and necessary expenses incurred in carrying on business or constituted losses incurred in business within the purview of section 23 (a) (1) (A) and (e) (1) of the Internal Revenue Code.2 The respondent’s position is that the petitioners’ activities as executors and trustees were not the carrying on of a trade or business and, assuming they were,…
2Cases cited12 opinions
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Trust Under the Will of Bingham v. CommissionerSupreme Court of the United States · 1945
- United States v. PyneSupreme Court of the United States · 1941
7 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Macy v. CommissionerUnited States Tax Court · 1952