Plant v. Commissioner
United States Board of Tax Appeals
1. A testamentary trust directed the trustees to maintain a certain residence for a beneficiary, son of the testator, so long as the son desired to occupy it. Held, expenditures so made by the trustees are not income to the son and not taxable against him. 2. A corporation having a surplus on March 1, 1913, to which donations by the stockholders were added, had operating losses, less than the surplus and donations but in excess of the total earnings and surplus.
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1. A testamentary trust directed the trustees to maintain a certain residence for a beneficiary, son of the testator, so long as the son desired to occupy it. Held, expenditures so made by the trustees are not income to the son and not taxable against him. 2. A corporation having a surplus on March 1, 1913, to which donations by the stockholders were added, had operating losses, less than the surplus and donations but in excess of the total earnings and surplus. Held, the operating deficit must be made good from earnings before distributions by the corporation to the stockholders are taxable.
1Opinion of the Court
HENRY BRADLEY PLANT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Plant v. Commissioner
Docket Nos. 43889, 48984, 52094, 55659, 60923.
United States Board of Tax Appeals
30 B.T.A. 133; 1934 BTA LEXIS 1367;
March 20, 1934, Promulgated
1. A testamentary trust directed the trustees to maintain a certain residence for a beneficiary, son of the testator, so long as the son desired to occupy it. Held, expenditures so made by the trustees are not income to the son and not taxable against him.
2. A corporation having a surplus on March 1, 1913, to which donations by the stockholders were…
2Cases cited6 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Sparrow v. CommissionerUnited States Board of Tax Appeals · 1929
- Stifel v. CommissionerUnited States Board of Tax Appeals · 1934
- Rogers v. CommissionerUnited States Board of Tax Appeals · 1929
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