Anthony v. Commissioner
United States Tax Court
The petitioner was sole income beneficiary of a testamentary trust. The will provided that the trustees should have discretion as to whether to charge expenses to principal, or to income. They were charged to the principal account on the books, after some small items had been charged to income, but reversed and charged to principal.
Read the full summary
The petitioner was sole income beneficiary of a testamentary trust. The will provided that the trustees should have discretion as to whether to charge expenses to principal, or to income. They were charged to the principal account on the books, after some small items had been charged to income, but reversed and charged to principal. The remaindermen, petitioner's sons, authorized payment to petitioner without deduction for the expenses, and petitioner received the entire trust income. The will provided against assignment of the trust property, or income, before payment to the beneficiary.…
1Opinion of the Court
Gertrude Libbey Anthony, Petitioner, v. Commissioner of Internal Revenue, Respondent
Anthony v. Commissioner
Docket No. 12150
United States Tax Court
9 T.C. 956; 1947 U.S. Tax Ct. LEXIS 32;
November 20, 1947, Promulgated
Decision will be entered for the respondent.
The petitioner was sole income beneficiary of a testamentary trust. The will provided that the trustees should have discretion as to whether to charge expenses to principal, or to income. They were charged to the principal account on the books, after some small items had been charged to income, but reversed and charged to principal. The…
2Cases cited5 opinions
- Merchants' Loan & Trust Co. v. SmietankaSupreme Court of the United States · 1921
- Dumaine v. DumaineMassachusetts Supreme Judicial Court · 1938
- McVeigh v. CommissionerUnited States Tax Court · 1944
- Anthony v. CommissionerUnited States Tax Court · 1947
- Wade v. CommissionerUnited States Tax Court · 1945