Primm v. Commissioner
United States Board of Tax Appeals
In December 1922, petitioner T. J. Primm made an oral declaration that he would operate a certain cotton-trading account for the benefit of his wife and children. In November 1923, this declaration was set forth in a written instrument in which the wife and children were designated as equal beneficiaries of "all the income of this fund." Held, the income from the trading account was first income to Primm and taxable to the marital community in 1923.
1Opinion of the Court
*16OPINION.
Smith:
The only question for decision in these proceedings is whether the petitioner and Mattie Primm, constituting a marital community in the taxable year, are liable to income tax upon the net profits of the cotton-trading account, amounting to $127,838.34, of which amount $17,548.33 was returned as taxable income by the marital community. The respondent contends that the evidence of record does not warrant a finding that the income of the trading account was the income of a trust. It is to be noted that the respondent makes no claim against T. J. Primm as a fiduciary.
The issue,…
2Cases cited7 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- James v. FulcrodTexas Supreme Court · 1851
- Miller v. ThatcherTexas Supreme Court · 1853
- Brotherton v. WeathersbyTexas Supreme Court · 1889
- Power v. CommissionerUnited States Board of Tax Appeals · 1931
2 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Hicks v. CommissionerUnited States Tax Court · 1957
- Schoen v. CommissionerUnited States Board of Tax Appeals · 1934
- Primm v. CommissionerUnited States Board of Tax Appeals · 1933
- Schoen v. CommissionerUnited States Board of Tax Appeals · 1934