Thornton v. Commissioner
United States Tax Court
As the beneficiary of a testamentary trust to whom the entire net income was distributable, the petitioner reported in her income tax returns for 1940 and 1941 the net amounts of income distributed to her.
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As the beneficiary of a testamentary trust to whom the entire net income was distributable, the petitioner reported in her income tax returns for 1940 and 1941 the net amounts of income distributed to her. The trustees had authority under the provisions of the will of the creator to "determine whether money or property coming into their possession shall be treated as principal or income, and charge or apportion expenses and losses to principal or income as they may deem just and equitable, and to bind the beneficiary and distributee by their judgment therein." The trust had large capital…
1Opinion of the Court
OPINION.
Smith, Judge-.
This proceeding involves deficiencies in petitioner’s income tax for 1940 and 1941 in the respective amounts of $14,178.55 and $28,686.30. Petitioner has waived one of the allegations of error, thereby conceding liability for a part of the deficiency determined for 1941. The sole remaining question for our determination is the amount of income distributable and therefore taxable to the petitioner in 1940 and 1941 from a testamentary trust created by the petitioner’s father, John T. Harrington.
The parties have filed a written stipulation of facts, which we adopt as our…
2Cases cited6 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Tyler v. United StatesSupreme Court of the United States · 1930
- Warburton v. WhiteSupreme Court of the United States · 1900
- City Bank Farmers Trust Co. v. SchnaderSupreme Court of the United States · 1934
- Sharp v. CommissionerSupreme Court of the United States · 1938
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Green v. CommissionerUnited States Tax Court · 1946
- Biddle v. CommissionerUnited States Tax Court · 1948
- Biddle v. CommissionerUnited States Tax Court · 1948
- Green v. CommissionerUnited States Tax Court · 1946
- Thornton v. CommissionerUnited States Tax Court · 1945