Commissioner v. Richter

MARIS, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals, The facts were stipulated and were adopted by the Board as its findings of fact. ' In December, 1930, the taxpayer created a trust, the income of which was payable to his wife. He designated a trust company as sole trustee and gave the trustee power to hold and invest the trust securities, convert and sell them, reinvest the proceeds, collect interest, income, dividends and profits and pay the expenses of management. The trust was revocable upon notice by the taxpayer with the written consent of the…