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City Bank Farmers Trust Co. v. Helvering, 313 U.S. 121 (1941)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
City Bank Farmers Trust Co. v. Helvering, 313 U.S. 121 (1941)
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City Bank Farmers Trust Co. v. Helvering Nos. 408 and 409 Argued April 1, 1941 Decided April 28, 1941 313 U.S. 121
ON WRITS OF CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
The administration of a trust by a testamentary trustee whose duties and activities are confined to holding and safeguarding a fund of stocks and bonds, collecting income, making safe investments and reinvestments, distributing income to beneficiaries, keeping accounts, preparing and filing income tax returns, etc., is not a "carrying on business" within § 23(a) of the Revenue Act of 1928. Hence, the commissions allowed and paid the trustee are not deductible under that section as expenses of carrying on a business. In computing the taxable income, the trust is subject to the same rules as an individual, Revenue Act, 1928, §§ 161-162. Higgins v. Commissioner, 312 U.S. 212, followed. P. 124.
112 F.2d 457 affirmed.
Certiorari, 312 U.S. 672, to review a judgment affirming a decision of the Board of Tax Appeals, 39 B.T.A. 29.
Contents:
Chicago: U.S. Supreme Court, "Syllabus," City Bank Farmers Trust Co. v. Helvering, 313 U.S. 121 (1941) in 313 U.S. 121 313 U.S. 122–313 U.S. 123. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=9ICW5UJWIMYEMEL.
MLA: U.S. Supreme Court. "Syllabus." City Bank Farmers Trust Co. v. Helvering, 313 U.S. 121 (1941), in 313 U.S. 121, pp. 313 U.S. 122–313 U.S. 123. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=9ICW5UJWIMYEMEL.
Harvard: U.S. Supreme Court, 'Syllabus' in City Bank Farmers Trust Co. v. Helvering, 313 U.S. 121 (1941). cited in 1941, 313 U.S. 121, pp.313 U.S. 122–313 U.S. 123. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=9ICW5UJWIMYEMEL.
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