Day v. Commissioner of Internal Revenue

BUFFINGTON, Circuit Judge.

Reference to the opinion of the Board of Tax Appeals, reported at 34 B. T. A.. 11, relieves us from restating the facts. The first question here involved is whether under the law of Pennsylvania the power reserved by the creator of the trust deeds of January 13, 1928, and November 1, 1929, to alter, amend, or revoke the trusts thereunder, was completely exhausted by his supplemental deeds of February 5 and May 5, 1931. The taxing .authorities contend that the power of the creator to alter, amend, or revoke, existed at the time of his death, while the taxpayer…