McCrory v. Commissioner
United States Board of Tax Appeals
1. TRUSTS - TAXABLE INCOME. Where settlors of a trust conveyed to a trustee oil lands, corporation stocks, promissory notes, and other property, with power to manage and control, to lease and sell, to invest and reinvest, and with duty to distribute income and proceeds of property sold each year thereafter to certain beneficiaries named in the trust deed, after the payment of certain obligations specified under the title "Burdens and Obligations of the Trust," held, it was…
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1. TRUSTS - TAXABLE INCOME. Where settlors of a trust conveyed to a trustee oil lands, corporation stocks, promissory notes, and other property, with power to manage and control, to lease and sell, to invest and reinvest, and with duty to distribute income and proceeds of property sold each year thereafter to certain beneficiaries named in the trust deed, after the payment of certain obligations specified under the title "Burdens and Obligations of the Trust," held, it was mandatory on the trustee under the language of the trust deed to accumulate sufficient funds, either out of income or…
1Opinion of the Court
LUKE W. MCCRORY, TRUSTEE, ESTATE OF LUKE F. WILSON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McCrory v. Commissioner
Docket No. 32444.
United States Board of Tax Appeals
25 B.T.A. 994; 1932 BTA LEXIS 1443;
March 25, 1932, Promulgated
1. TRUSTS - TAXABLE INCOME. Where settlors of a trust conveyed to a trustee oil lands, corporation stocks, promissory notes, and other property, with power to manage and control, to lease and sell, to invest and reinvest, and with duty to distribute income and proceeds of property sold each year thereafter to certain beneficiaries named in the trust…
2Cases cited12 opinions
- John Hancock Mut. Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Grand Hotel Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- McKinney v. CommissionerUnited States Board of Tax Appeals · 1929
- Johnson v. CommissionerUnited States Board of Tax Appeals · 1929
- Rogers v. CommissionerUnited States Board of Tax Appeals · 1929
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