Chambers v. Commissioner
United States Board of Tax Appeals
Where under the state law capital gain from the sale of stock becomes a part of the corpus and is not distributable to the beneficiaries as income from the trust estate, and under the terms of the will corpus is distributable only at the discretion of the trustees, capital gain so realized but not actually distributed is not taxable to the beneficiaries as income distributable to them.
1Opinion of the Court
ANNA M. CHAMBERS AND WILLIAM J. GEALY, TRUSTEES UNDER THE LAST WILL OF FRED N. CHAMBERS, DECEASED, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Chambers v. Commissioner
Docket Nos. 55713, 64538.
United States Board of Tax Appeals
29 B.T.A. 971; 1934 BTA LEXIS 1449;
February 1, 1934, Promulgated
Where under the state law capital gain from the sale of stock becomes a part of the corpus and is not distributable to the beneficiaries as income from the trust estate, and under the terms of the will corpus is distributable only at the discretion of the trustees, capital gain so realized…
2Cases cited1 opinion
- Chambers v. CommissionerUnited States Board of Tax Appeals · 1934