Trust No. 3 v. Commissioner
United States Tax Court
Parents transferred property in trust for the benefit of their minor children, directing trustees to pay income and principal as might be necessary for education, comfort, and support of the beneficiaries, and to accumulate amount not so needed until beneficiaries reached age 25. The beneficiaries or their guardians were given power to terminate the trust in whole or in part at any time. No guardians were appointed for the children.
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Parents transferred property in trust for the benefit of their minor children, directing trustees to pay income and principal as might be necessary for education, comfort, and support of the beneficiaries, and to accumulate amount not so needed until beneficiaries reached age 25. The beneficiaries or their guardians were given power to terminate the trust in whole or in part at any time. No guardians were appointed for the children. All the income was accumulated by the trustees during the years 1955 and 1956. The trust took deductions in the full amount of the income as income distributable…
1Opinion of the Court
Trust No. 3, C. E. and Margaret Brehm, Trustees, Petitioner, v. Commissioner of Internal Revenue, Respondent
Trust No. 3 v. Commissioner
Docket Nos. 70222, 74845
United States Tax Court
33 T.C. 734; 1960 U.S. Tax Ct. LEXIS 223;
January 27, 1960, Filed
Decisions will be entered for the respondent.
Parents transferred property in trust for the benefit of their minor children, directing trustees to pay income and principal as might be necessary for education, comfort, and support of the beneficiaries, and to accumulate amount not so needed until beneficiaries reached age 25. The beneficiaries or their…
2Cases cited16 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- McDonald v. City of Spring ValleyIllinois Supreme Court · 1918
- Mallinckrodt v. CommissionerUnited States Tax Court · 1943
- Mallinckrodt v. NunanCourt of Appeals for the Eighth Circuit · 1945
- Walgreen Co. v. Industrial CommissionIllinois Supreme Court · 1926
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