First National Bank of Chicago

Plaintiffs, as distributees of the estate of Hugh A. Foresman, contend that the estate incurred selling expenses of $24,500 in connection with the sale of certain securities, which expenses were used as a reduction from the gross amount received from the sale of the securities in determining gain or loss on the 1960 fiduciary income tax return. In 1964 the executor of the estate filed a claim for refund relative to the 1960 fiduciary return, by which claim the executor, inter alia, deducted the $24,500 sales expense as an administrative expense. In 1967 the Chicago District Director of…