Bishop v. Commissioner
United States Tax Court
Petitioners, husband and wife, simultaneously created trusts of approximately equal value for each other for life with remainder over; each life beneficiary was given a general testamentary power of appointment of the corpus in lieu of the remainders; income was distributable at the discretion of the corporation trustee, whom the life beneficiary was given the power to change at will from time to time to any other corporate trustee; and prior to and outside the indentures,…
Read the full summary
Petitioners, husband and wife, simultaneously created trusts of approximately equal value for each other for life with remainder over; each life beneficiary was given a general testamentary power of appointment of the corpus in lieu of the remainders; income was distributable at the discretion of the corporation trustee, whom the life beneficiary was given the power to change at will from time to time to any other corporate trustee; and prior to and outside the indentures, the trustee agreed with petitioners to pay the income at the request of the life beneficiary. Held, the income of each…
1Opinion of the Court
Edward E. Bishop, Petitioner, v. Commissioner of Internal Revenue, Respondent. Lillian H. Bishop, Petitioner, v. Commissioner of Internal Revenue, Respondent
Bishop v. Commissioner
Docket Nos. 692, 3124, 693, 3123
United States Tax Court
4 T.C. 862; 1945 U.S. Tax Ct. LEXIS 214;
February 28, 1945, Promulgated
Decisions will be entered under Rule 50.
Petitioners, husband and wife, simultaneously created trusts of approximately equal value for each other for life with remainder over; each life beneficiary was given a general testamentary power of appointment of the corpus in lieu of the remainders;…
2Cases cited12 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Lucas v. EarlSupreme Court of the United States · 1930
- Helvering v. HorstSupreme Court of the United States · 1940
- Corliss v. BowersSupreme Court of the United States · 1930
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
7 more not listed; retrieve them via the Exa API.