Martinez v. Commissioner
United States Tax Court
Petitioner established two identical irrevocable trusts, naming her mother as beneficiary of one and her father as beneficiary of the other. The terms of each trust require the trustee thereof to distribute at least annually all of the net income to the beneficiary for life. The trustee is prohibited from distributing any principal to the beneficiary. There is no power to accumulate income.
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Petitioner established two identical irrevocable trusts, naming her mother as beneficiary of one and her father as beneficiary of the other. The terms of each trust require the trustee thereof to distribute at least annually all of the net income to the beneficiary for life. The trustee is prohibited from distributing any principal to the beneficiary. There is no power to accumulate income. Upon death of the beneficiary the trust terminates and the corpus reverts to petitioner, if living. The trustee was given the power, in his absolute discretion, to (1) make disbursements and charges from…
1Opinion of the Court
Cherlyn C. Caldwell Martinez, Petitioner v. Commissioner of Internal Revenue, Respondent
Martinez v. Commissioner
Docket No. 7586-74
United States Tax Court
67 T.C. 60; 1976 U.S. Tax Ct. LEXIS 36;
October 19, 1976, Filed
Decision will be entered under Rule 155.
Petitioner established two identical irrevocable trusts, naming her mother as beneficiary of one and her father as beneficiary of the other. The terms of each trust require the trustee thereof to distribute at least annually all of the net income to the beneficiary for life. The trustee is prohibited from distributing any principal to the…
2Cases cited21 opinions
- Robinette v. HelveringSupreme Court of the United States · 1943
- Commissioner v. DisstonSupreme Court of the United States · 1945
- Arnold Van Den Wymelenberg, as of the Estate of Eleanor Van Den Wymelenberg, and Arnold Van Den Wymelenberg v. United StatesCourt of Appeals for the Seventh Circuit · 1968
- Estate of Ford v. CommissionerUnited States Tax Court · 1969
- Estate of Lillie MacMunn Stewart, Deceased, W. Alan Henderson v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1971
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