Studebaker v. Commissioner
United States Board of Tax Appeals
1. A trust created under a will in respect of the residue of the testator's estate, held not to have terminated or become a dry trust prior to the taxable years 1918 to 1920, inclusive. 2. The beneficiaries of a trust may not deduct, pro rata in their individual tax returns, a net operating loss of the trust.
1Opinion of the Court
*1024OPINION.
Littleton:
Two questions are presented by these appeals: First, whether or not the trust under the will of Clement Studebaker in respect of the residuum of his estate terminated on the death of his wife, Ann M. Studebaker, and thereby vested the said property in the beneficiaries as tenants in common; second, whether or not, assuming that the trust was not terminated on the death of Ann M. Studebaker, the beneficiaries are entitled to deduct in their individual income-tax' returns, pro rata shares of net operating losses suffered by the trust during the taxable years 1918, 1919, and…
2Cases cited1 opinion
- Merchants' Loan & Trust Co. v. SmietankaSupreme Court of the United States · 1921
3Cited by10 opinions
- Edgar v. CommissionerUnited States Tax Court · 1971
- Calaf Collazo v. Secretario de HaciendaSupreme Court of Puerto Rico · 1954
- Brigham v. United StatesDistrict Court, D. Massachusetts · 1941
- Kearney v. United StatesDistrict Court, S.D. New York · 1953
- Calaf Collazo v. Secretary of TreasurySupreme Court of Puerto Rico · 1954
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