Barnes v. Commissioner
United States Board of Tax Appeals
1. The basis for determining the amount of exhaustion deductible from gross income in income-tax returns of estates of deceased persons during the period of administration or settlement of the estate is the value of the exhaustible property at the date of death. 2. Rights to receive royalties over a given term held to be exhaustible property. 3. Taxes paid at the source constitute credits against the total tax and the balance of the tax paid by an estate is the amount…
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1. The basis for determining the amount of exhaustion deductible from gross income in income-tax returns of estates of deceased persons during the period of administration or settlement of the estate is the value of the exhaustible property at the date of death. 2. Rights to receive royalties over a given term held to be exhaustible property. 3. Taxes paid at the source constitute credits against the total tax and the balance of the tax paid by an estate is the amount against which the allowance under section 1200(a) of the Revenue Act of 1924 should be calculated.
1Opinion of the Court
CHARLES G. BARNES AND HARRISON G. REYNOLDS, EXECUTORS, ESTATE OF PHILIP M. REYNOLDS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
CHARLES G. BARNES AND HARRISON G. REYNOLDS, EXECUTORS, ESTATE OF MARY G. REYNOLDS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Barnes v. Commissioner
Docket Nos. 8624, 8625.
United States Board of Tax Appeals
8 B.T.A. 360; 1927 BTA LEXIS 2913;
September 27, 1927, Promulgated
1. The basis for determining the amount of exhaustion deductible from gross income in income-tax returns of estates of deceased persons during the period of…
2Cases cited1 opinion
- Barnes v. CommissionerUnited States Board of Tax Appeals · 1927