Straight Trust v. Commissioner
United States Tax Court
Petitioner was created in 1945 for the primary benefit of the grantor's wife and two children. For each of the years in question the trustees filed three fiduciary returns, one in the name of a trust for each beneficiary, in which income taxable to the fiduciary was reported. Respondent determined that only one trust was created and the petition in the instant case was thereafter filed.
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Petitioner was created in 1945 for the primary benefit of the grantor's wife and two children. For each of the years in question the trustees filed three fiduciary returns, one in the name of a trust for each beneficiary, in which income taxable to the fiduciary was reported. Respondent determined that only one trust was created and the petition in the instant case was thereafter filed. After this case was originally set for hearing, the grantor filed a petition for reformation with an Iowa District Court which, after a hearing, issued a decree which reformed the trust instrument nunc pro…
1Opinion of the Court
OPINION.
FisheR, Judge:
All of the facts were stipulated by the parties and are incorporated herein by this reference. Only those facts necessary to an understanding of the issue involved herein are set forth below.
By a trust conveyance dated December 31,1945, Merton T. Straight transferred to two individual trustees three-fourths of his half interest in a partnership known as Adel Clay Products Company, Bedfield, Iowa. The instrument provided in part that the trustees were to hold the property for the following purposes:
' (b) To pay to the grantor’s wife, Elizabeth S. Straight, during such…
2Cases cited18 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Freuler v. HelveringSupreme Court of the United States · 1934
- Daine v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1948
- Daine v. CommissionerUnited States Tax Court · 1947
- Van Vlaanderen v. CommissionerUnited States Tax Court · 1948
13 more not listed; retrieve them via the Exa API.
3Cited by31 opinions
- Fono v. CommissionerUnited States Tax Court · 1982
- Ward v. CommissionerUnited States Tax Court · 1986
- Estate of La Meres v. Comm'rUnited States Tax Court · 1992
- Estate of Nicholson v. CommissionerUnited States Tax Court · 1990
- Flitcroft v. CommissionerUnited States Tax Court · 1962
26 more not listed; retrieve them via the Exa API.