Andrus Trust v. Commissioner
United States Tax Court
Where trustees paid or permanently set aside 45 per cent of the income of the trust for a charitable corporation in accordance with the instrument creating the trust, held, the entire amount so paid or set aside is deductible under section 162 (a), Internal Revenue Code, in computing the net taxable income of the trust, even though a large part of the trust income consisted of long term capital gains.
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Where trustees paid or permanently set aside 45 per cent of the income of the trust for a charitable corporation in accordance with the instrument creating the trust, held, the entire amount so paid or set aside is deductible under section 162 (a), Internal Revenue Code, in computing the net taxable income of the trust, even though a large part of the trust income consisted of long term capital gains. Old Colony Trust Co., 301 U.S. 379; Charles F. Grey, 41 B. T. A. 234, distinguished.
1Opinion of the Court
Trust Under Agreement Dated December 30, 1921, by John E. Andrus, Deceased (Trust No. 1), Central Hanover Bank and Trust Company, Hamlin F. Andrus and William H. Taylor, Trustees, Petitioners, v. Commissioner of Internal Revenue, Respondent
Andrus Trust v. Commissioner
Docket No. 7105
United States Tax Court
7 T.C. 573; 1946 U.S. Tax Ct. LEXIS 102;
August 16, 1946, Promulgated
Decision will be entered under Rule 50.
Where trustees paid or permanently set aside 45 per cent of the income of the trust for a charitable corporation in accordance with the instrument creating the trust, held, the entire…
2Cases cited4 opinions
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1937
- Andrus Trust v. CommissionerUnited States Tax Court · 1946
- Tyler Trust CommissionerUnited States Tax Court · 1945