Commissioner of Internal Revenue v. Morsman

SCOTT, District Judge.

This is a petition by the Commissioner of Internal Revenue to review a decision of the United States Board of . Tax Appeals entered January 14, 1929. From the record it appears that on August 1, 1922, Edgar M. Morsman, a resident of Omaha, Neb., executed a trust agreement by the terms of which he created a trust and transferred to United States Trust Company, a corporation organized under the laws of the state of Nebraska, in trust, certain notes, bonds, securities, choses in action, and property. Power to change the trustee was reserved to the donor and Ms four sons,…