Series "A" Trust v. Helvering

This is a petition to review a decision of the Board of Tax Appeals involving petitioner’s income and excess profits tax for the years 1933 and 1934. The case was submitted with No. 7865 (Second Carey Trust v. Helvering, _ App.D.C. _, 126 F.2d 526), in which our opinion was filed today. The main point in both cases is the same.

Petitioner was organized in June, 1933, as an express trust under the Oklahoma laws.1 The material provisions of the trust instrument are as follows: continuation for a period of twenty years unless sooner terminated in the manner provided; the trustees to liquidate the…