Morsman v. Commissioner
United States Board of Tax Appeals
Where the petitioner, pursuant to the terms of a written instrument, transferred to himself as sole trustee certain securities and soon thereafter the securities were sold at a profit, held, that the gain from the sale of the securities is taxable to the petitioner in his individual income tax return.
1Opinion of the Court
*801Opinion.
Smith:
This proceeding involves a deficiency in petitioner’s income tax for 1929 in the amount of $5,440.70. The only question in issue is whether the profit from the sale of certain securities is taxable to the petitioner individually, as the respondent has determined, or to a trust entity, as claimed by the petitioner.
On January 28,1929, the petitioner signed an instrument purporting to be a trust agreement, reciting:
That I, Robert P. Morsman, oí Ornaba, Douglas County, Nebraska, do hereby declare that I hold the property hereinafter mentioned in trust for the uses and purposes…
2Cases cited9 opinions
- Adams v. AdamsSupreme Court of the United States · 1874
- Burbach v. BurbachIllinois Supreme Court · 1905
- Fox's EstateSupreme Court of Pennsylvania · 1919
- Hahn v. HutchinsonSupreme Court of Pennsylvania · 1893
- Nelson v. MeadeSupreme Judicial Court of Maine · 1930
4 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Hutchinson v. CommissionerUnited States Tax Court · 1967
- Kenna Trading, LLC v. Comm'rUnited States Tax Court · 2014
- Filler v. CommissionerUnited States Tax Court · 1987
- Kenna Trading, LLC, Jetstream Business Limited, Tax Matters Partner v. CommissionerUnited States Tax Court · 2014
- Hutchinson v. CommissionerUnited States Tax Court · 1967
4 more not listed; retrieve them via the Exa API.