Whitcomb v. Commissioner
United States Board of Tax Appeals
The petitioners are beneficiaries of a certain trust and entitled to the income thereof. The trustee, in computing the net income of the trust for 1921 to 1926, inclusive, deducted certain amounts for exhaustion, wear and tear of the trust property, but distributed among the petitioners the amounts deducted for exhaustion, wear and tear, together with the net income so computed.
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The petitioners are beneficiaries of a certain trust and entitled to the income thereof. The trustee, in computing the net income of the trust for 1921 to 1926, inclusive, deducted certain amounts for exhaustion, wear and tear of the trust property, but distributed among the petitioners the amounts deducted for exhaustion, wear and tear, together with the net income so computed. Subsequently a court of competent jurisdiction, in a proper suit brought by the remaindermen, decided that the trustee should have retained the amounts for exhaustion, wear and tear of the trust property and ordered…
1Opinion of the Court
*123OPINION.
Marquette:
The sole question presented by the record herein is whether, under the circumstances set forth in the findings of fact, the petitioners in computing their respective incomes for the years 1921 to 1926, inclusive, should include therein that part of the amounts distributed to them by the trustee of the trust created by the last will and testament of A. C. Whitcomb, representing amounts deducted by the trustee in his fiduciary return on account of depreciation of the trust property.
The pertinent statutory provisions are sections 219 (d) of the Revenue Act of 1921; 219 (b) (2)…
2Cases cited3 opinions
- Uterhart v. United StatesSupreme Court of the United States · 1916
- Follmer's AppealSupreme Court of Pennsylvania · 1860
- Hagerty v. AlbrightSupreme Court of Pennsylvania · 1866
3Cited by6 opinions
- Freuler v. HelveringSupreme Court of the United States · 1934
- Union & Peoples National Bank of Jackson v. CommissionerUnited States Board of Tax Appeals · 1934
- Whitcomb v. HelveringSupreme Court of the United States · 1934
- Freuler v. HelveringSupreme Court of the United States · 1934
- Union & Peoples Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1934
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