Kaplan v. Commissioner
United States Board of Tax Appeals
1. Petitioner was the settlor and also the trustee of a trust for his wife, but if he survived her the trust income was to be paid to him. The trustee was given power to accumulate a reasonable portion of the trust income to be held for the benefit of those entitled to such income. held, the trust income was taxable to the petitioner under section 219(h) of the Revenue Act of 1924. 2. Petitioner paid $25,000 for one-fifth the common stock of a corporation.
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1. Petitioner was the settlor and also the trustee of a trust for his wife, but if he survived her the trust income was to be paid to him. The trustee was given power to accumulate a reasonable portion of the trust income to be held for the benefit of those entitled to such income. held, the trust income was taxable to the petitioner under section 219(h) of the Revenue Act of 1924. 2. Petitioner paid $25,000 for one-fifth the common stock of a corporation. It was mutually agreed that at the end of five years, at the option of either party, petitioner would return the stock and receive back…
1Opinion of the Court
CHARLES KAPLAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kaplan v. Commissioner
Docket No. 43472.
United States Board of Tax Appeals
26 B.T.A. 379; 1932 BTA LEXIS 1319;
June 10, 1932, Promulgated
1. Petitioner was the settlor and also the trustee of a trust for his wife, but if he survived her the trust income was to be paid to him. The trustee was given power to accumulate a reasonable portion of the trust income to be held for the benefit of those entitled to such income. held, the trust income was taxable to the petitioner under section 219(h) of the Revenue Act of 1924.
2.…
2Cases cited1 opinion
- Kaplan v. CommissionerUnited States Board of Tax Appeals · 1932