Budd v. Commissioner
United States Tax Court
1. Held, limitation of trustees' power to invade corpus for the benefit of income beneficiary to "the event of sickness, accident, misfortune or other emergency," or to cases in which income available to the income beneficiary from all sources is "insufficient to provide for the proper care, support and medical attention of such beneficiary during the period of any illness or other incapacity * * * or * * * for the suitable support, education and maintenance of any such…
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1. Held, limitation of trustees' power to invade corpus for the benefit of income beneficiary to "the event of sickness, accident, misfortune or other emergency," or to cases in which income available to the income beneficiary from all sources is "insufficient to provide for the proper care, support and medical attention of such beneficiary during the period of any illness or other incapacity * * * or * * * for the suitable support, education and maintenance of any such beneficiary" places a determinable external standard on the "sole" or "uncontrolled" discretion granted the trustees;…
1Opinion of the Court
Estate of Ralph Budd, Deceased, Crocker-Citizens National Bank, Executor, Petitioner v. Commissioner of Internal Revenue, Respondent
Budd v. Commissioner
Docket No. 5254-65
United States Tax Court
49 T.C. 468; 1968 U.S. Tax Ct. LEXIS 181;
February 7, 1968, Filed
Decision will be entered under Rule 50.
1. Held, limitation of trustees' power to invade corpus for the benefit of income beneficiary to "the event of sickness, accident, misfortune or other emergency," or to cases in which income available to the income beneficiary from all sources is "insufficient to provide for the proper care, support…
2Cases cited21 opinions
- Ingraham v. IngrahamIllinois Supreme Court · 1897
- Industrial Trust Co. v. Commissioner of Internal Rev.Court of Appeals for the First Circuit · 1947
- Jennings v. SmithCourt of Appeals for the Second Circuit · 1947
- Pardee v. CommissionerUnited States Tax Court · 1967
- Estate of Budlong v. CommissionerUnited States Tax Court · 1946
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