Keith v. Commissioner
United States Board of Tax Appeals
Trust income, not distributed or distributable to the grantor but applied by the trustee to a sinking fund set up for the restoration to corpus of such amounts as had theretofore been used to repay a loan from a bank which had been used in earlier years to discharge an indebtedness of the grantor, held not properly taxable to the grantor under section 167, Revenue Act of 1936.
1Opinion of the Court
OPINION.
Sternhagen :
The Commissioner determined an income tax deficiency of $1,163.95 for 1936, $6,257.19 for 1937, and $87.18 for 1938. Petitioner assails the inclusion in his income of portions of the income of a trust created by him. The facts are all stipulated.
Petitioner is a resident of Salt Lake City, Utah, where he' filed his income tax returns. On August 17, 1926, he and his wife made an irrevocable trust agreement of which he and Walker Brothers Bankers were trustees. Petitioner and his wife were separated. To *645make a property settlement for the benefit of themselves and a minor son…
2Cited by8 opinions
- Morgan v. CommissionerUnited States Tax Court · 1962
- Krause v. CommissionerUnited States Tax Court · 1971
- Estate Of Craig R. SheafferCourt of Appeals for the Eighth Circuit · 1963
- Estate of Sheaffer v. CommissionerUnited States Tax Court · 1966
- Sheaffer v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1963
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