Central Nat'l Bank v. Commissioner
United States Board of Tax Appeals
Income of a trust distributed to beneficiaries is taxable under the Revenue Acts of 1921 and 1924 to the beneficiaries. Income of the trust not so distributed is taxable to the trust.
1Opinion of the Court
*1126opinion.
Van Fossan :
The question for determination is whether or not the income for the taxable years ended May 31, 1923, and May 31, 1924, is taxable to the petitioner. The respondent determined that the trust herein involved “ is a discretionary trust ” and that the income is, therefore, taxable to the trustee in accordance with article 342 of Regulations 62 and 65. The respondent concedes in his brief, however, that the theory that “ the trust as a taxable entity under section 219 of the Revenue Acts of 1921 and 1924 could be taxed for income distributed to the so-called beneficiaries is…
2Cited by4 opinions
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