Ashforth v. Commissioner
United States Board of Tax Appeals
Where the grantor of a trust reserved the power to revoke the trust and revest in himself title to the trust property upon giving notice of his intention to the trustees within the first fifteen days in December in the year preceding the contemplated revocation, held, such notice not having been given, the income of the trust is not taxable to the grantor under section 219(g) of the Revenue Act of 1926.
1Opinion of the Court
*1190OPINION.
Smith :
The respondent has taxed the income of the trust property to the decedent under section 219 (g) of the 1926 Act, which is as follows:
Where the grantor of a trust has, at any time during the taxable year, either alone or in conjunction with any person not a beneficiary of the trust, the power to revest in himself title to any part of the corpus of the trust, then the income of such part of the trust for such taxable year shall be included in computing the net income of the grantor.
The petitioners contend that the terms of the trust agreement prevented the decedent from revesting…
2Cases cited1 opinion
- Corliss v. BowersSupreme Court of the United States · 1930
3Cited by8 opinions
- Honnold v. CommissionerUnited States Board of Tax Appeals · 1934
- Simpson v. CommissionerUnited States Board of Tax Appeals · 1934
- Ashforth v. CommissionerUnited States Board of Tax Appeals · 1932
- Corning v. CommissionerUnited States Board of Tax Appeals · 1937
- Corning v. CommissionerUnited States Board of Tax Appeals · 1937
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