Estate of Scofield v. Commissioner
United States Tax Court
1. Levi T. Scofield died in 1917. By will he established a testamentary trust whose corpus was the Schofield Building in the city of Cleveland, Ohio. The beneficiaries of the trust were his two sons, a daughter, and two grandchildren. The corpus of the trust was to vest in them on September 14, 1942. From 1917 until 1935, his son William was the trustee of the trust.
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1. Levi T. Scofield died in 1917. By will he established a testamentary trust whose corpus was the Schofield Building in the city of Cleveland, Ohio. The beneficiaries of the trust were his two sons, a daughter, and two grandchildren. The corpus of the trust was to vest in them on September 14, 1942. From 1917 until 1935, his son William was the trustee of the trust. During such time, William and his brother, Sherman Scofield, diverted large amounts of trust funds for non-trust purposes. Levi's grandson, Douglas F. Schofield, the petitioner trustee herein, discovered such diversions in 1935,…
1Opinion of the Court
Rice, Judge:
These consolidated proceedings involve deficiencies in income tax determined by the respondent under the provisions of the 1939 Code and refunds claimed by the petitioners as follows:
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The issues to be decided are: (1) Whether the deficiency notice in Docket No. 38302 for the period January 1 to June 30,1948, is a valid deficiency notice for the year 1948; (2) whether the testamentary trust in Docket No. 38302 sustained a net operating loss in 1948, because of diversions of its funds, which can be carried back to 1946 and 1947; (3) if so, were distributions to the…
2Cases cited24 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Morrissey v. CommissionerSupreme Court of the United States · 1935
- Helvering v. Coleman-Gilbert AssociatesSupreme Court of the United States · 1935
- Bischoff v. . Yorkville BankNew York Court of Appeals · 1916
- Swanson v. CommissionerSupreme Court of the United States · 1935
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3Cited by40 opinions
- Ramsay Scarlett & Co. v. CommissionerUnited States Tax Court · 1974
- Gale v. CommissionerUnited States Tax Court · 1963
- Cramer v. CommissionerUnited States Tax Court · 1971
- Halliburton Co. v. CommissionerUnited States Tax Court · 1989
- United States v. BonaguroDistrict Court, E.D. New York · 1968
35 more not listed; retrieve them via the Exa API.