[DOWNLOAD] "Frank H. Mason Trust v. Commissioner of Internal Revenue." by United States Court Of Appeals For The Sixth Circuit ~ Book PDF Kindle ePub Free
eBook details
- Title: Frank H. Mason Trust v. Commissioner of Internal Revenue.
- Author : United States Court Of Appeals For The Sixth Circuit
- Release Date : January 01, 1943
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 71 KB
Description
The Board of Tax Appeals (now the United States Tax Court) upheld the determination by the Commissioner of Internal Revenue of income tax deficiencies for the taxable years 1937, 1938, and 1939, resulting from the disallowance of the deduction in each of those years of amounts paid by the trustee to the beneficiaries of the Frank H. Mason Trust. The trustee petitioner asserts that the claimed deductions should have been allowed under Section 162(b) of the Revenue Acts of 1936 and 1938, 26 U.S.C.A. Int. Rev. Acts, pages 893, 1081: "There shall be allowed as an additional deduction in computing the net income of the estate or trust the amount of the income of the estate or trust for its taxable year which is to be distributed currently by the fiduciary to the beneficiaries, * * * but the amount so allowed as a deduction shall be included in computing the net income of the beneficiaries whether distributed to them or not * * * ."
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