First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
Where a husband and wife establish a joint account and take into it property belonging to each and where each owns approximately one-half of the property in such account, the income from such property is the income of the husband and wife in proportion to their ratable contributions to the principal amount thereof.
1Opinion of the Court
FIRST NATIONAL BANK OF DULUTH, SPECIAL ADMINISTRATOR, ESTATE OF THOMAS A. MERRITT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
First Nat'l Bank v. Commissioner
Docket Nos. 18502, 18503.
United States Board of Tax Appeals
13 B.T.A. 1096; 1928 BTA LEXIS 3110;
October 17, 1928, Promulgated
Where a husband and wife establish a joint account and take into it property belonging to each and where each owns approximately one-half of the property in such account, the income from such property is the income of the husband and wife in proportion to their ratable contributions to the principal…
2Cases cited1 opinion
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1928