First-Mechanics Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. ESTATE TAX - DEDUCTION FOR CLAIM AGAINST ESTATE - Where the executors allowed and paid a certain claim against decedent's estate with the approval of all the beneficiaries of the estate and such action was approved by a decree of the Orphans Court, held that such decree is not controlling in the Board's determination of the deductibility of the amount of the claim from the gross estate under the applicable revenue acts. 2. Id. - Upon the facts, held that the claim in…
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1. ESTATE TAX - DEDUCTION FOR CLAIM AGAINST ESTATE - Where the executors allowed and paid a certain claim against decedent's estate with the approval of all the beneficiaries of the estate and such action was approved by a decree of the Orphans Court, held that such decree is not controlling in the Board's determination of the deductibility of the amount of the claim from the gross estate under the applicable revenue acts. 2. Id. - Upon the facts, held that the claim in question was not a valid and enforceable one against decedent's estate within the meaning of the applicable revenue acts and…
1Opinion of the Court
THE FIRST-MECHANICS NATIONAL BANK OF TRENTON, AND ELLA T. FORST, EXECUTORS, ESTATE OF ARTHUR D. FORST, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
First-Mechanics Nat'l Bank v. Commissioner
Docket No. 91248.
United States Board of Tax Appeals
40 B.T.A. 876; 1939 BTA LEXIS 788;
November 8, 1939, Promulgated
1. ESTATE TAX - DEDUCTION FOR CLAIM AGAINST ESTATE - Where the executors allowed and paid a certain claim against decedent's estate with the approval of all the beneficiaries of the estate and such action was approved by a decree of the Orphans Court, held that such decree is…
2Cases cited2 opinions
- First-Mechanics National Bank of Trenton v. CommissionerUnited States Board of Tax Appeals · 1939
- First-Mechanics Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1939