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ESTATE OF FOOTE v. COMMISSIONER

Docket No. 59678.

28 T.C. 547 (1957)

ESTATE OF FRANK J. FOOTE, DECEASED, FIRST BANK AND TRUST COMPANY OF SOUTH BEND, EXECUTOR, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 29, 1957.

Attorney(s) appearing for the Case

James F. Thornburg, Esq., and Casimer J. Major, Esq., for the petitioner.

John M. Webb, Esq., for the respondent.

TIETJENS, Judge:

The Commissioner determined a deficiency in income tax for the period August 9, 1951, to December 31, 1951, in the amount of $2,922.66.

The question for decision is whether the sum of $9,968.83 paid by a corporation to the estate of its deceased president (the estate being the petitioner) is taxable income of the estate as additional compensation or is excludible from gross income as a gift.

FINDINGS OF FACT.

Some...

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