Corning v. Commissioner
United States Tax Court
1. Petitioner Warren H. Corning established a long-term trust in 1929 for the benefit of members of his intimate family group. Petitioner reserved the power to substitute trustees without cause, but has not exercised such power. The present trustee is a corporate trustee which was appointed in 1930 by the previous corporate trustee.
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1. Petitioner Warren H. Corning established a long-term trust in 1929 for the benefit of members of his intimate family group. Petitioner reserved the power to substitute trustees without cause, but has not exercised such power. The present trustee is a corporate trustee which was appointed in 1930 by the previous corporate trustee. The trust instrument, as amended, gave the trustee during the years here in issue the power to amend or revoke the trust, including the right to change any of the beneficial interests thereunder. Held, petitioner's power to substitute trustees without cause…
1Opinion of the Court
Warren H. Corning and Maud E. Corning, Husband and Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent. Warren H. Corning, Petitioner, v. Commissioner of Internal Revenue, Respondent
Corning v. Commissioner
Docket Nos. 47414, 47415
United States Tax Court
24 T.C. 907; 1955 U.S. Tax Ct. LEXIS 116;
August 18, 1955, Filed
Decisions will be entered under Rule 50.
1. Petitioner Warren H. Corning established a long-term trust in 1929 for the benefit of members of his intimate family group. Petitioner reserved the power to substitute trustees without cause, but has not exercised such power.…
2Cases cited14 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Commissioner of Internal Revenue v. BuckCourt of Appeals for the Second Circuit · 1941
- Loughridge's Estate v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. Loughridge's EstateCourt of Appeals for the Tenth Circuit · 1950
- Wier v. CommissionerUnited States Tax Court · 1951
- Central Nat. Bank v. Com'r of Internal RevenueCourt of Appeals for the Sixth Circuit · 1944
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