Gibbs--Preyer Trust 1 v. Commissioner
United States Board of Tax Appeals
Where the powers of the trustee, under the terms of a written trust, as properly supplemented by a contemporaneous oral agreement by the parties to the written trusts, are limited, during the by the parties to the written trusts, are limited, during the tax years, to those purely ministerial, such a trust is taxable, for those years, as a trust and not as an association. Lewis & Co. v. Commissioner,301 U.S. 385, followed.
1Opinion of the Court
GIBBS-PREYER TRUST #1, THE GEORGE D. HARTER BANK, TRUSTEE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Gibbs--Preyer Trust #1 v. Commissioner
Docket No. 89917.
United States Board of Tax Appeals
39 B.T.A. 492; 1939 BTA LEXIS 1026;
February 24, 1939, Promulgated
Where the powers of the trustee, under the terms of a written trust, as properly supplemented by a contemporaneous oral agreement by the parties to the written trusts, are limited, during the by the parties to the written trusts, are limited, during the tax years, to those purely ministerial, such a trust is taxable, for…
2Cases cited2 opinions
- A. A. Lewis & Co. v. CommissionerSupreme Court of the United States · 1937
- Gibbs--Preyer Trust 1 v. CommissionerUnited States Board of Tax Appeals · 1939