Case v. Commissioner
United States Tax Court
Petitioner was the beneficiary of a trust by the terms of which she was to be paid the "income profits and proceeds" thereof. In the taxable year the trust received short term capital gains. It also received and retained amounts paid pursuant to an option to purchase certain trust property, which option was not exercised by the holder of the option. It also received interest on bonds which it had acquired at a premium. All of these items were reported as income by the trust.
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Petitioner was the beneficiary of a trust by the terms of which she was to be paid the "income profits and proceeds" thereof. In the taxable year the trust received short term capital gains. It also received and retained amounts paid pursuant to an option to purchase certain trust property, which option was not exercised by the holder of the option. It also received interest on bonds which it had acquired at a premium. All of these items were reported as income by the trust. It did not distribute to petitioner the capital gains, the amounts received pursuant to the option, or that part of the…
1Opinion of the Court
Mary Hadley Case, Petitioner, v. Commissioner of Internal Revenue, Respondent
Case v. Commissioner
Docket No. 8015
United States Tax Court
8 T.C. 343; 1947 U.S. Tax Ct. LEXIS 278;
February 19, 1947, Promulgated
Decision will be entered under Rule 50.
Petitioner was the beneficiary of a trust by the terms of which she was to be paid the "income profits and proceeds" thereof. In the taxable year the trust received short term capital gains. It also received and retained amounts paid pursuant to an option to purchase certain trust property, which option was not exercised by the holder of the option. It…
2Cases cited7 opinions
- Shield Co. v. CommissionerUnited States Tax Court · 1943
- Levy's EstateSupreme Court of Pennsylvania · 1939
- Eager's Guardian v. PollardCourt of Appeals of Kentucky · 1922
- McCoy v. McCloskeyNew Jersey Court of Chancery · 1922
- Harris v. CommissionerUnited States Tax Court · 1945
2 more not listed; retrieve them via the Exa API.