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
TURNER,
dissenting: The majority opinion undertakes to distinguish this case from the case of Alice G. Kales, 34 B. T. A. 1046. In my opinion, the two cases are- indistinguishable and for that reason I note my dissent.
Black, Mellott, Disney, Harron, and Kern agree with the above.