Hynes v. Commissioner
United States Tax Court
1. P created T, a trust, for the purpose of developing and selling certain real estate for profit. P was one of three trustees, but he held all the shares of beneficial ownership of T. Under the terms of the trust indenture, T was to continue until 20 years after the death of the original trustees unless terminated sooner by a majority vote of them.
Read the full summary
1. P created T, a trust, for the purpose of developing and selling certain real estate for profit. P was one of three trustees, but he held all the shares of beneficial ownership of T. Under the terms of the trust indenture, T was to continue until 20 years after the death of the original trustees unless terminated sooner by a majority vote of them. The trustees had broad powers to conduct the affairs of T, each having the individual authority to bind T in all matters relating to the trust property. The trust indenture also provided that the liability of the trustees and the beneficiary was…
1Opinion of the Court
Simpson, Judge:
The Commissioner determined the following deficiencies in the petitioners’ Federal income taxes:
Petitioner Year Deficiency
John B. Hynes, Jr., and Marie T. Hynes.1973 $4,992.70
1974 16,259.26
1975 12,502.76
1976 20,966.51
Wood Song Village Trust.1975 30,571.84
After concessions by the parties, the issues for decision are: (1) Whether the trust created by the petitioner for the purpose of developing and selling real estate for profit is an association taxable as a corporation; (2) whether the petitioner is entitled to a deduction for a business loss resulting from the foreclosure of a…
2Cases cited68 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Commissioner v. FlowersSupreme Court of the United States · 1946
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Sanford v. CommissionerUnited States Tax Court · 1968
63 more not listed; retrieve them via the Exa API.
3Cited by78 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Byram v. United StatesCourt of Appeals for the Fifth Circuit · 1983
- Smith v. CommissionerUnited States Tax Court · 1985
- Intergraph Corp. v. CommissionerUnited States Tax Court · 1996
- Elm Street Realty Trust v. CommissionerUnited States Tax Court · 1981
73 more not listed; retrieve them via the Exa API.