Hurd v. Commissioner
United States Tax Court
The decedent created an irrevocable trust, naming himself as one of the two initial trustees. The trustees were authorized to distribute the net income to or expend it for the benefit of decedent's daughter or her survivors, or they could distribute it to decedent's wife during her lifetime.
Read the full summary
The decedent created an irrevocable trust, naming himself as one of the two initial trustees. The trustees were authorized to distribute the net income to or expend it for the benefit of decedent's daughter or her survivors, or they could distribute it to decedent's wife during her lifetime. The corpus could be paid over in whole or in part to decedent's wife during her lifetime at the sole discretion of the trustees, or it could be held for ultimate distribution to other remaindermen upon the termination of the trust. From 1939 to his death in 1941 the decedent suffered from cerebral…
1Opinion of the Court
OPINION.
Arundell, Judge:
The cotrustees, one of whom was the decedent, the settlor of the trust, had authority to pay over to or expend the entire net income for the benefit of the decedent’s daughter or her survivors, or they could pay over the whole or any part thereof to the decedent’s wife during her lifetime. With respect to the principal of the fund, the cotrustees could, in their sole discretion, pay over the entire corpus or any part of it to decedent’s wife. Otherwise the corpus was to be left intact for distribution to remaindermen upon termination of the trust.
The respondent has…
2Cases cited2 opinions
- Commissioner v. Estate of HolmesSupreme Court of the United States · 1946
- Nettleton v. CommissionerUnited States Tax Court · 1945
3Cited by32 opinions
- Pardee v. CommissionerUnited States Tax Court · 1967
- John J. Round, Jr., Executors v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1964
- Edelman v. CommissionerUnited States Tax Court · 1962
- Estate of Loughridge v. CommissionerUnited States Tax Court · 1948
- Estate of Gilchrist v. CommissionerUnited States Tax Court · 1977
27 more not listed; retrieve them via the Exa API.