Dean v. Commissioner
United States Board of Tax Appeals
TRUST INCOME. - Where certain trust income earned during the taxable calendar years 1929 and 1930 was distributable to petitioner on January 4 of the following year, if petitioner were then alive, but if his death occurred during the period December 31 to January 4, the amount would be added to corpus and ultimately distributed to others, held, such amount at December 31 of each year was income accumulated in trust for the benefit of unascertained persons or persons with…
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TRUST INCOME. - Where certain trust income earned during the taxable calendar years 1929 and 1930 was distributable to petitioner on January 4 of the following year, if petitioner were then alive, but if his death occurred during the period December 31 to January 4, the amount would be added to corpus and ultimately distributed to others, held, such amount at December 31 of each year was income accumulated in trust for the benefit of unascertained persons or persons with contingent interests and is not taxable to petitioner under section 162(b), Revenue Act of 1928. Augustus H. Eustis,30…
1Opinion of the Court
*841opinion.
Hill:
The first and principal issue for decision here is whether respondent erred in including in petitioner’s income for 1929 the amount of $9,000 as distributable income of the trust of which petitioner was a beneficiary, and in failing to allow as a deduction from the income reported by petitioner in his return for 1930 the sum of $10,000 alleged to have been erroneously reported as distributable *842income of the same trust. The applicable provisions of the Revenue Act of 1928 are quoted in the margin.1
Petitioner contends that all the income of the trust estate was properly taxable to…
2Cases cited1 opinion
- Freuler v. HelveringSupreme Court of the United States · 1934
3Cited by5 opinions
- Commissioner of Internal Revenue v. DeanCourt of Appeals for the Tenth Circuit · 1939
- Graham v. MillerCourt of Appeals for the Third Circuit · 1943
- Dean v. CommissionerUnited States Board of Tax Appeals · 1937
- Kirkpatrick v. CommissionerUnited States Tax Court · 1944
- SeligsonUnited States Tax Court · 1992