Morris v. Commissioner
United States Board of Tax Appeals
1. TRUSTS - INCOME FOR BENEFIT OF GRANTOR. - Where the taxpayer created certain trusts, making himself one of the two trustees, and such part of the income of each trust as the trustees, in the exercise of their discretion, might decide upon, was payable thereunder to the primary beneficiaries, and the corpus of the trust in each case was to be reconveyed to the taxpayer upon termination of the trust period, it is held that income arising from sales of the trust corpus, and…
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1. TRUSTS - INCOME FOR BENEFIT OF GRANTOR. - Where the taxpayer created certain trusts, making himself one of the two trustees, and such part of the income of each trust as the trustees, in the exercise of their discretion, might decide upon, was payable thereunder to the primary beneficiaries, and the corpus of the trust in each case was to be reconveyed to the taxpayer upon termination of the trust period, it is held that income arising from sales of the trust corpus, and constituting under state law an addition to such corpus, not distributable to the beneficiaries, is income in respect to…
1Opinion of the Court
ARTHUR J. MORRIS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Morris v. Commissioner
Docket No. 64246.
United States Board of Tax Appeals
33 B.T.A. 241; 1935 BTA LEXIS 779;
October 22, 1935, Promulgated
1. TRUSTS - INCOME FOR BENEFIT OF GRANTOR. - Where the taxpayer created certain trusts, making himself one of the two trustees, and such part of the income of each trust as the trustees, in the exercise of their discretion, might decide upon, was payable thereunder to the primary beneficiaries, and the corpus of the trust in each case was to be reconveyed to the taxpayer upon…
2Cases cited2 opinions
- Bassett v. CommissionerUnited States Board of Tax Appeals · 1935
- Morris v. CommissionerUnited States Board of Tax Appeals · 1935