Boston Safe Deposit & Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Where annuities are payable from income or, if necessary, from the corpus of a trust fund created by a will and are thus a charge on the corpus and not taxable to the annuitants as income, such annuities are not allowable deductions from the income of the estate. 2. The evidence does not establish that any of the income of the trust was "permanently set aside" for certain possible ultimate charitable beneficiaries. 3. A finding of the Board in an estate-tax case of the…
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1. Where annuities are payable from income or, if necessary, from the corpus of a trust fund created by a will and are thus a charge on the corpus and not taxable to the annuitants as income, such annuities are not allowable deductions from the income of the estate. 2. The evidence does not establish that any of the income of the trust was "permanently set aside" for certain possible ultimate charitable beneficiaries. 3. A finding of the Board in an estate-tax case of the portion of the estate that will ultimately go to charity is not conclusive in an income-tax case involving wholly…
1Opinion of the Court
*490OPINION.
Van Fossan :
The petitioners’ first contention is that the distribution made by the trustees of the Wilder estate to the annuitants named in the sixth item of the Wilder will constituted deductions allowable under the provisions of section 219 of the Revenue Act of 1926.
The pertinent portions of that section follow:(a) The tax imposed by Parts I and II of this title shall apply to the income of estates or of any kind of property held in trust, including—
* * * * * * *(2) Income which is- to be distributed currently by the fiduciary to the beneficiaries, and income collected by a…
2Cases cited1 opinion
- Burnet v. WhitehouseSupreme Court of the United States · 1931
3Cited by7 opinions
- Guaranty Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Tracy v. CommissionerUnited States Board of Tax Appeals · 1934
- Jaynes v. CommissionerUnited States Board of Tax Appeals · 1933
- Bonfils v. CommissionerUnited States Board of Tax Appeals · 1939
- Boston Safe Deposit & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1932
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