Clark v. Commissioner
United States Tax Court
Petitioners are settlors of irrevocable trusts which, as extended on December 1, 1942, were to run in each case for a period of at least 9 years. The income of each trust was to be paid to a charitable corporation which was organized under the laws of Illinois, not for profit.
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Petitioners are settlors of irrevocable trusts which, as extended on December 1, 1942, were to run in each case for a period of at least 9 years. The income of each trust was to be paid to a charitable corporation which was organized under the laws of Illinois, not for profit. Petitioners retained no power of control over either the corpus or the income of the trusts, and none of the income of either trust was to be used for the benefit of any member of the family of petitioners. Respondent determined that part of the income of the trusts in the year 1946 was taxable to petitioners under…
1Opinion of the Court
OPINION.
Black, Judge:
The issue before the Court is whether the dividends received on 15,000 shares of stock by the trusts are taxable income to each grantor-petitioner under section 22 (a) of the Internal Revenue Code and the doctrine of Helvering v. Clifford, supra.
In his determination of the deficiencies the Commissioner also included in the income of petitioners the dividends from 1,200 shares of Keystone Steel & Wire Company which each petitioner conveyed in trust to the Foundation by a trust indenture dated June 29, 1943, and which was irrevocable until June 29,1953, or a period of 10…
2Cases cited6 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- United States v. PierceCourt of Appeals for the Eighth Circuit · 1943
- Commissioner of Internal Revenue v. ChamberlainCourt of Appeals for the Second Circuit · 1941
- Helvering v. AchelisCourt of Appeals for the Second Circuit · 1940
- Commissioner of Internal Revenue v. LamontCourt of Appeals for the Second Circuit · 1942
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Flitcroft v. CommissionerUnited States Tax Court · 1962
- Clark v. CommissionerUnited States Tax Court · 1952
- Flitcroft v. CommissionerUnited States Tax Court · 1962