Macy v. Commissioner

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,…