Malcom v. Commissioner
United States Board of Tax Appeals
The petitioner is the sole life income beneficiary of a trust which in 1932 and 1933 received $10,443.25 and $2,346.91, respectively, as "annual consideration payments" for granting a lease beginning in 1941 on certain property owned by the trust.
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The petitioner is the sole life income beneficiary of a trust which in 1932 and 1933 received $10,443.25 and $2,346.91, respectively, as "annual consideration payments" for granting a lease beginning in 1941 on certain property owned by the trust. The trust did not pay over to the petitioner in either 1932 or 1933 the payments referred to, but held them as undistributed income to be paid to the petitioner in 1941, or to whomsoever might be entitled to receive them upon the prior termination of the trust. Held, that the payments constituted currently distributable income of the trust taxable…
1Opinion of the Court
OPINION.
Smith:
These proceedings, consolidated for hearing, involve income tax deficiencies for 1932 and 1933 of $1,604.27 and $1,401.74, respectively. Petitioner alleges that the respondent erred in the determination of the deficiencies by including $10,443.25 and $2,346.91, respectively, in gross incomes for 1932 and 1933, representing amounts of income received by a trust of which she was the sole_ life income beneficiary, even though not paid over to her during the taxable years.
The parties have stipulated that the petitioner is entitled to deductions from gross income in addition to those…
2Cases cited2 opinions
- Freuler v. HelveringSupreme Court of the United States · 1934
- Archambault's EstateSupreme Court of Pennsylvania · 1911
3Cited by4 opinions
- Estate of Bruchmann, etc. v. CommissionerUnited States Tax Court · 1969
- Estate of Bruchmann, etc. v. CommissionerUnited States Tax Court · 1969
- Estate of Bruchmann, etc. v. CommissionerUnited States Tax Court · 1969
- Malcom v. CommissionerUnited States Board of Tax Appeals · 1937