Franks v. Commissioner
United States Board of Tax Appeals
Under the terms of a testamentary distributable trust on the cash receipts and disbursements basis, the trustee set aside in the tax year an amount equal to the estimated liability of the trust for real estate taxes due for the preceding year, which, under the peculiar facts and circumstances existing, could not be paid in the year when due.
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Under the terms of a testamentary distributable trust on the cash receipts and disbursements basis, the trustee set aside in the tax year an amount equal to the estimated liability of the trust for real estate taxes due for the preceding year, which, under the peculiar facts and circumstances existing, could not be paid in the year when due. Evidence established that the trustee did not, in the tax year, pay these taxes or distribute or credit any part of the amount set aside to a beneficiary who was also on the cash basis. Held, the trustee was authorized to withhold from beneficiaries of…
1Opinion of the Court
JACK M. FRANKS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Franks v. Commissioner
Docket No. 53685.
United States Board of Tax Appeals
32 B.T.A. 260; 1935 BTA LEXIS 973;
March 22, 1935, Promulgated
Under the terms of a testamentary distributable trust on the cash receipts and disbursements basis, the trustee set aside in the tax year an amount equal to the estimated liability of the trust for real estate taxes due for the preceding year, which, under the peculiar facts and circumstances existing, could not be paid in the year when due. Evidence established that the trustee did…
2Cases cited1 opinion
- Franks v. CommissionerUnited States Board of Tax Appeals · 1935