Bennett v. Commissioner
United States Tax Court
A is the father of B and C. A, B, and C were equal partners in a general partnership which engaged in farming and the construction and leasing of nursing homes. On Jan. 1, 1963, A, B, and C created a 13-year trust. The corpus of the trust consisted of the nursing homes which had been owned by the partnership. B's and C's children were the beneficiaries, and B and C were named trustees.
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A is the father of B and C. A, B, and C were equal partners in a general partnership which engaged in farming and the construction and leasing of nursing homes. On Jan. 1, 1963, A, B, and C created a 13-year trust. The corpus of the trust consisted of the nursing homes which had been owned by the partnership. B's and C's children were the beneficiaries, and B and C were named trustees. According to the terms of the trust, all current income was to be distributed to the beneficiaries, at least annually. On the trust's termination, the corpus was to be distributed to the beneficiaries. Contrary…
1Opinion of the Court
Tannenwald, Chief Judge:
Respondent has determined deficiencies in petitioners’ Federal income taxes as follows:
Docket No. Petitioners 1973 1974
662-78 O’Neil and Marthann Bennett $31,060 $39,642
663-78 Jesse O. and Gertrude Bennett 31,000 38,319
664-78 Wayne and Betty Ann Bennett 31,060 38,893
Due to concessions by petitioners, the only issue for decision is whether the income of a trust created by petitioners is taxable to petitioners pursuant to section 674(a)2 or section 675(3).
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly. The stipulation of facts and the…
2Cases cited13 opinions
- Markosian v. CommissionerUnited States Tax Court · 1980
- Furman v. CommissionerUnited States Tax Court · 1966
- Irvine K. Furman and Lorena K. Furman v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1967
- Commissioner of Internal Revenue v. WhitneyCourt of Appeals for the Second Circuit · 1948
- Estate of Gilman v. CommissionerUnited States Tax Court · 1975
8 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
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- Carson v. CommissionerUnited States Tax Court · 1989
- Bennett v. CommissionerUnited States Tax Court · 1982
- Braun v. CommissionerUnited States Tax Court · 1984
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