McGinley v. Commissioner
United States Board of Tax Appeals
Held, under the facts in the record, there was one trust with five beneficiaries and not five separate trusts, and petitioner should return the entire net income for the five beneficiaries as a unit.
1Opinion of the Court
OPINION.
Adams:
Deficiencies in income tax of $6,960 for 1926 and of $1,799.97 for 1929 are in controversy in these consolidated cases. The facts as stipulated in both cases, with the exhibits, are adopted by reference as part of our findings. The only question for determination is whether one trust with five beneficiaries was created under a declaration of trust, or five separate trusts, each with one separate beneficiary, were created.
On February 1, 1926, William McGinley executed a. declaration of trust to his wife, Gertrude McGinley, as trustee for the benefit of his five children, by which…
2Cases cited4 opinions
- Colton v. ColtonSupreme Court of the United States · 1888
- Sparrow v. CommissionerUnited States Board of Tax Appeals · 1929
- Rauers v. CommissionerUnited States Board of Tax Appeals · 1933
- Canal Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
3Cited by2 opinions
- McGinley v. CommissionerUnited States Board of Tax Appeals · 1934
- William T. Belcher Trust No. 1 v. Commissioner.United States Tax Court · 1947