Reese v. Commissioner
United States Board of Tax Appeals
Where commissions due trustees for receiving and distributing the corpus of a trust are by order of the court paid out of the principal of the fund and not out of income and the income of thb fund is paid to the beneficiary without diminution for such commissions, the beneficiary is liable to income tax upon the full amount of the income received by her.
1Opinion of the Court
OPINION..
Smith:
This proceeding involves a deficiency in petitioner’s income tax for the year 1930 in the amount of $17,294.47. The two issues involved are based upon the petitioner’s allegations:(1) That the respondent erroneously reduced the deduction to which the petitioner is entitled for contributions to charitable organizations by $4,498.77 upon the ground that the deduction for contributions is limited to 15 percent of the ordinary net income, excluding capital net gain; and(2) That the respondent erroneously included in petitioner’s gross income the amount of $96,801.32 representing…
2Cases cited6 opinions
- Freuler v. HelveringSupreme Court of the United States · 1934
- Helvering v. FalkSupreme Court of the United States · 1934
- Igleheart v. CommissionerUnited States Board of Tax Appeals · 1933
- Harbison v. CommissionerUnited States Board of Tax Appeals · 1932
- Straus v. CommissionerUnited States Board of Tax Appeals · 1933
1 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Erdman v. CommissionerCourt of Appeals for the Seventh Circuit · 1963
- Erdman v. CommissionerUnited States Tax Court · 1962
- Erdman v. CommissionerUnited States Tax Court · 1962
- Erdman v. CommissionerCourt of Appeals for the Seventh Circuit · 1963
- Erdman v. CommissionerUnited States Tax Court · 1962
1 more not listed; retrieve them via the Exa API.