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THE FIRST NATIONAL BANK OF MEMPHIS v. COMMISSIONER

Docket No. 8424.

7 T.C. 1428 (1946)

THE FIRST NATIONAL BANK OF MEMPHIS, TENNESSEE, EXECUTOR AND TRUSTEE U/W OF HUGH SMITH, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated December 31, 1946.

Attorney(s) appearing for the Case

F. E. Hagler, Esq., for the petitioner.

Frank M. Thompson, Jr., Esq., and S. Earl Heilman, Esq., for the respondent.

The Commissioner determined a deficiency in income tax of $63,625.32 for the year 1941. The issues presented are: (1) Whether the respondent erred in failing to allow deductions in the amount of the income of the estate claimed by petitioner as income currently distributable under section 162 (b) of the Internal Revenue Code to the beneficiaries of a testamentary trust created by decedent's will, those beneficiaries not including...

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