Igoe v. Commissioner
United States Tax Court
Petitioners, executors of the estate of Andrew J. Igoe, deceased, credited current income on the books of the estate to beneficiaries who were residuary legatees under the decedent's will. The several distributions of income were so credited under circumstances which rendered them constantly available to the beneficiaries on demand. Substantial amounts in cash were withdrawn from the accounts.
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Petitioners, executors of the estate of Andrew J. Igoe, deceased, credited current income on the books of the estate to beneficiaries who were residuary legatees under the decedent's will. The several distributions of income were so credited under circumstances which rendered them constantly available to the beneficiaries on demand. Substantial amounts in cash were withdrawn from the accounts. The method of so treating the distributions was approved by decree of the surrogate settling petitioners' accounts as executors. The beneficiaries reported such distributions on their income tax…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The single issue before us is whether or not the amounts credited by the petitioners on the books of the estate are deductible from its gross income as contemplated in section 162 (b) or (c), Internal Revenue Code.1
The petitioners contend that such amounts are deductible under either subsection. The respondent asserts that they are deductible under neither. In his statement of the issue, the respondent’s counsel says “the question before the court is whether or not the conduct of the executors in handling this income constituted a distribution.” He thus has narrowed…
2Cases cited2 opinions
- Matter of Accounting of BensonNew York Court of Appeals · 1884
- In re the Estate of CochranNew York Surrogate's Court · 1941
3Cited by14 opinions
- Estate of O'Connor v. CommissionerUnited States Tax Court · 1977
- Cohen v. CommissionerUnited States Tax Court · 1947
- Dunlop v. CommissionerCourt of Appeals for the Eighth Circuit · 1948
- Zellerbach v. CommissionerUnited States Tax Court · 1947
- Igoe v. CommissionerUnited States Tax Court · 1953
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