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COMMISSIONER OF INTERNAL REVENUE v. LEWIS

Nos. 8469, 8470.

141 F.2d 221 (1944)

COMMISSIONER OF INTERNAL REVENUE v. LEWIS (two cases).

Circuit Court of Appeals, Third Circuit.

Decided February 3, 1944.

Attorney(s) appearing for the Case

Helen Goodner, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, and Helen R. Carloss, Sp. Assts. to the Atty. Gen., on the brief), for petitioner.

Otto Wolff, Jr., of Philadelphia, Pa., for respondents.

Before JONES, GOODRICH, and McLAUGHLIN, Circuit Judges.

JONES, Circuit Judge.

The question raised by the pending petitions for review is whether income retained by trustees in order to pay carrying charges upon unproductive trust real estate constitutes an allowable deduction under Sec. 162 (b) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Acts, page 893, in ascertaining the income taxable to the beneficiaries as distributable.

The Commissioner, holding that the carrying charges were properly chargeable to corpus...

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