Bridgeport-City Trust Co. v. Commissioner
United States Board of Tax Appeals
Under the terms of a testamentary trust the trustees were directed to pay from the income thereof to testator's wife, for life, annually, $50,000, and after accumulating from the excess income the sum of $50,000, which was to be added to the principal of the fund, to pay the excess income annually, over the amount directed to be paid to his wife, to his three children, share and share alike.
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Under the terms of a testamentary trust the trustees were directed to pay from the income thereof to testator's wife, for life, annually, $50,000, and after accumulating from the excess income the sum of $50,000, which was to be added to the principal of the fund, to pay the excess income annually, over the amount directed to be paid to his wife, to his three children, share and share alike. By another provision of the will, testator provided that it was his will that "the annuity provided for my wife in the fifth item of this will shall be paid to her out of the income of the trust property…
1Opinion of the Court
THE BRIDGEPORT-CITY TRUST COMPANY, SURVIVING TRUSTEE OF THE ESTATE OF I. DEVER WARNER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Bridgeport-City Trust Co. v. Commissioner
Docket Nos. 44072, 48318.
United States Board of Tax Appeals
32 B.T.A. 1181; 1935 BTA LEXIS 837;
August 9, 1935, Promulgated
Under the terms of a testamentary trust the trustees were directed to pay from the income thereof to testator's wife, for life, annually, $50,000, and after accumulating from the excess income the sum of $50,000, which was to be added to the principal of the fund, to pay the excess income…
2Cases cited4 opinions
- Irwin v. GavitSupreme Court of the United States · 1925
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Burnet v. WhitehouseSupreme Court of the United States · 1931
- Bridgeport-City Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1935