Drew v. Commissioner
United States Tax Court
Taxpayer was principal and income beneficiary of a trust which terminated in 1947. At that time there remained unpaid certain commissions earned by the trustee-bank which were by the terms of the trust deductible from corpus before distribution to the beneficiary. The trustee-bank postponed collection of the commissions as an inducement to the beneficiary's leaving the corpus under the management of the bank as an agency account.
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Taxpayer was principal and income beneficiary of a trust which terminated in 1947. At that time there remained unpaid certain commissions earned by the trustee-bank which were by the terms of the trust deductible from corpus before distribution to the beneficiary. The trustee-bank postponed collection of the commissions as an inducement to the beneficiary's leaving the corpus under the management of the bank as an agency account. The bank retained the right to collect the commissions from the investments at the termination of the agency. In 1953 the agency was terminated and the beneficiary…
1Opinion of the Court
Estate of James B. Drew, Deceased, John Drew, Executor, and the Estate of Mary S. Drew, Deceased, Henry Phipps Hoffstot, Jr., Executor, Petitioners, v. Commissioner of Internal Revenue, Respondent
Drew v. Commissioner
Docket No. 60189
United States Tax Court
30 T.C. 335; 1958 U.S. Tax Ct. LEXIS 189;
May 20, 1958, Filed
Decision will be entered for the respondent.
Taxpayer was principal and income beneficiary of a trust which terminated in 1947. At that time there remained unpaid certain commissions earned by the trustee-bank which were by the terms of the trust deductible from corpus before…
2Cases cited1 opinion
- Drew v. CommissionerUnited States Tax Court · 1958