New York & N. J. Mausoleum Co. v. Commissioner
United States Board of Tax Appeals
A state statute required the establishment of a trust fund equal to 10 per cent of the cost of a mausoleum as a condition precedent to the use thereof. The petitioner did not establish such a fund, but later borrowed a sum of money which it placed on deposit as a special interest fund. In the taxable year it repaid part of the loan. Hold that petitioner did not create a trust which would reduce income either by exclusion or deduction.
1Opinion of the Court
NEW YORK AND NEW JERSEY MAUSOLEUM COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
New York & N. J. Mausoleum Co. v. Commissioner
Docket No. 36687.
United States Board of Tax Appeals
26 B.T.A. 128; 1932 BTA LEXIS 1363;
May 19, 1932, Promulgated
A state statute required the establishment of a trust fund equal to 10 per cent of the cost of a mausoleum as a condition precedent to the use thereof. The petitioner did not establish such a fund, but later borrowed a sum of money which it placed on deposit as a special interest fund. In the taxable year it repaid part of the loan. Hold…
2Cases cited1 opinion
- New York & N. J. Mausoleum Co. v. CommissionerUnited States Board of Tax Appeals · 1932