Paster v. Commissioner
United States Tax Court
1. Petitioner, Herman Paster, in 1942, executed three irrevocable trust instruments for the benefit of his wife and two sons which provided, inter alia, that the corpus would be an interest in certain amounts due him from a partnership (Mayflower Novelty Co.) of which petitioner was general manager. These funds were retained by the partnership and used in its business with the understanding that the trusts would receive a share of the profits of the business.
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1. Petitioner, Herman Paster, in 1942, executed three irrevocable trust instruments for the benefit of his wife and two sons which provided, inter alia, that the corpus would be an interest in certain amounts due him from a partnership (Mayflower Novelty Co.) of which petitioner was general manager. These funds were retained by the partnership and used in its business with the understanding that the trusts would receive a share of the profits of the business. As of December 31, 1946, accumulated funds in the amount of $110,735.41 had been credited to the alleged trusts by said partnership but…
1Opinion of the Court
Herman Paster and Celia Paster v. Commissioner.
Paster v. Commissioner
Docket Nos. 75409, 78178.
United States Tax Court
T.C. Memo 1961-240; 1961 Tax Ct. Memo LEXIS 111; 20 T.C.M. (CCH) 1239; T.C.M. (RIA) 61240;
August 24, 1961
1. Petitioner, Herman Paster, in 1942, executed three irrevocable trust instruments for the benefit of his wife and two sons which provided, inter alia, that the corpus would be an interest in certain amounts due him from a partnership (Mayflower Novelty Co.) of which petitioner was general manager. These funds were retained by the partnership and used in its business with…
2Cases cited25 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Commissioner v. AckerSupreme Court of the United States · 1959
- Becker v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
- Helvering v. Safe Deposit & Trust Co. of BaltimoreSupreme Court of the United States · 1942
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