deduction allowed for full amount of expenses incurred in managing a large investment portfolio even though portfolio generated some tax-free income
How later courts described this case
- deduction allowed for full amount of expenses incurred in managing a large investment portfolio even though portfolio generated some tax-free income
Written by the judges who cited it.
The opinion
Murdock,
concurring: I think this case is contrary to that of Victor G. Marquissee, 11 B. T. A. 334; affd., 47 Fed. (2d) 32. The effort to distinguish the latter case in the Watson case does not satisfy me. However, since the Commissioner has acquiesced in the Watson case, I concur in the result reached here.
Smith agrees with the above.