Fidelity-Philadelphia Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Where the widow elected to take under decedent's will in lieu of dower, held that income of the trust estate paid over to the widow during the taxable years in accordance with the terms of the will is not deductible as a distribution of income to a beneficiary, within the provisions of section 219(b)(2) of the Revenue Act of 1926. Julia Butterworth et al., Trustees,23 B.T.A. 838, followed. 2. Where one-third of the corpus of the trust estate was, by the terms of…
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1. Where the widow elected to take under decedent's will in lieu of dower, held that income of the trust estate paid over to the widow during the taxable years in accordance with the terms of the will is not deductible as a distribution of income to a beneficiary, within the provisions of section 219(b)(2) of the Revenue Act of 1926. Julia Butterworth et al., Trustees,23 B.T.A. 838, followed. 2. Where one-third of the corpus of the trust estate was, by the terms of decedent's will, given to charitable institutions after the widow's death, but during her lifetime the income was payable to her,…
1Opinion of the Court
*1362OPINION.
TRAMmell :
During the taxable years the petitioner trustee paid over to the decedent’s widow income from the corpus of the trust estate in accordance with directions contained in the will. The widow elected to take under the will in lieu of her statutory dower interest. The amount so paid to the widow in the taxable years, together with the amounts paid to. her in prior years, did not equal the value of her dower interest at the date of decedent’s death, thereafter surrendered by her. Kespondent, in computing the deficiencies, disallowed as deductions from the petitioner’s gross income…
2Cited by1 opinion
- Fidelity-Philadelphia Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1932