McVeigh v. Commissioner
United States Tax Court
A trust instrument provided that petitioner should be life beneficiary of net income and that, if he should request (as he did) the trustees to sell certain realty, thereafter any cost of maintenance of such property in excess of income therefrom should be paid out of trust principal and not be a charge against the income of the trust estate.
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A trust instrument provided that petitioner should be life beneficiary of net income and that, if he should request (as he did) the trustees to sell certain realty, thereafter any cost of maintenance of such property in excess of income therefrom should be paid out of trust principal and not be a charge against the income of the trust estate. Held, petitioner is taxable upon all trust income, except that from the certain realty, and not entitled to deduct as trust principal received amounts equaling the excess expense of maintaining the property requested sold; held, further, that a…
1Opinion of the Court
OPINION.
Disney, Judge:
The first question for consideration here is whether the petitioner is taxable upon the amount of $24,422.13 in 1938 and $20,907.13 in 1939, as income received as life beneficiary under the Senff trust. The above amounts equal the excess of maintaining Knoll-wood over the income received therefrom (after deduction of depreciation, hereafter discussed). The parties do not disagree that the amounts were received by the petitioner. The difference between them is that the petitioner contends that the above amounts were received by him from trust corpus, under the will of…
2Cases cited9 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Freuler v. HelveringSupreme Court of the United States · 1934
- In Re the Will of ChapalNew York Court of Appeals · 1936
- Robinson v. CommissionerUnited States Tax Court · 1943
- Frederich v. CommissionerUnited States Tax Court · 1943
4 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Wofford v. CommissionerUnited States Tax Court · 1945
- Anthony v. CommissionerUnited States Tax Court · 1947
- Bryant v. CommissionerUnited States Tax Court · 1950
- Brooks v. United StatesDistrict Court, S.D. California · 1949
- Lambert Tree Trust Estate v. CommissionerUnited States Tax Court · 1962
12 more not listed; retrieve them via the Exa API.