Rathborne v. Commissioner
United States Board of Tax Appeals
Petitioner's father-in-law in his will created a testamentary trust, and directed the trustee in article seventh thereof to "pay out (of) the revenues of the trust estate and out of the principal, should it be necessary to trench upon the latter as authorized in Article 6th hereof" $30,000 per annum to petitioner. Similar bequests except as to amounts were made to other beneficiaries.
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Petitioner's father-in-law in his will created a testamentary trust, and directed the trustee in article seventh thereof to "pay out (of) the revenues of the trust estate and out of the principal, should it be necessary to trench upon the latter as authorized in Article 6th hereof" $30,000 per annum to petitioner. Similar bequests except as to amounts were made to other beneficiaries. The same article of the will provided that in case the revenues of the trust estate should not be sufficient to meet the charges imposed thereon, "the several beneficiaries shall suffer a diminution and loss of…
1Opinion of the Court
OPINION.
Black:
This proceeding involves a deficiency in income tax for the calendar year 1932 in the amount of $1,489.94. Petitioner contends there is no deficiency and that she has overpaid her tax in the amount of $3,796.12.
The petition, as originally filed, assigned as the only error the failure of the respondent to allow as a deduction from gross income in 1932 alleged worthless bonds of the Estate Securities Corporation in the amount of $6,168. In a signed stipulation the parties have *937agreed that- these securities “became worthless prior to the taxable year 1932 and that therefore…
2Cases cited8 opinions
- Irwin v. GavitSupreme Court of the United States · 1925
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Burnet v. WhitehouseSupreme Court of the United States · 1931
- De Vaughn v. HutchinsonSupreme Court of the United States · 1897
- Succession of La BarreSupreme Court of Louisiana · 1934
3 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Craig v. United StatesDistrict Court, W.D. Pennsylvania · 1946
- Muir v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1950
- Toretta v. Wilmington Trust Co.District Court, D. Delaware · 1947
- Rathborne v. CommissionerUnited States Board of Tax Appeals · 1938