Holmes v. Commissioner
United States Board of Tax Appeals
INCOME. - SEPARATE TRUSTS EXECUTED BY HUSBAND AND WIFE EACH MAKING THE OTHER THE BENEFICIARY. TRUST REVOCABLE ONLY WITH THE CONSENT OF THE BENEFICIARY. - Where the petitioners, husband and wife, were the settlors of separate trusts, each conveying certain property owned by the settlor to a trustee and making the other the beneficiary of said trust and where it was provided in each of the trust instruments that the settlor could revoke said trust only by obtaining in writing…
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INCOME. - SEPARATE TRUSTS EXECUTED BY HUSBAND AND WIFE EACH MAKING THE OTHER THE BENEFICIARY. TRUST REVOCABLE ONLY WITH THE CONSENT OF THE BENEFICIARY. - Where the petitioners, husband and wife, were the settlors of separate trusts, each conveying certain property owned by the settlor to a trustee and making the other the beneficiary of said trust and where it was provided in each of the trust instruments that the settlor could revoke said trust only by obtaining in writing the consent of the beneficiary, held, gains and profits resulting from sale of the trust corpus and income from…
1Opinion of the Court
OPINION.
Black :
In these proceedings the Commissioner has determined deficiencies against petitioners as follows:
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The cases were consolidated for hearing and all the facts have been stipulated. The stipulation of facts as to petitioner Margaret A. Holmes, omitting formal parts, was as follows:(1) The petitioner is an individual whose legal residence .is No. 2 East 86th Street, New York, New York, and whose mailing address is care Willard A. Mitchell, No. 141 Broadway, New York, New York.(2) Under date of March 23, 1926, the petitioner, as settlor, entered into a trust agreement…
2Cases cited2 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- Hoeper v. Tax Comm'n of Wis.Supreme Court of the United States · 1931
3Cited by7 opinions
- Lit v. CommissionerUnited States Board of Tax Appeals · 1933
- Brooks v. CommissionerUnited States Board of Tax Appeals · 1934
- City Bank Farmers Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Honnold v. CommissionerUnited States Board of Tax Appeals · 1934
- Prouty v. CommissionerUnited States Board of Tax Appeals · 1934
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