Trustees of Amherst College v. Commissioner of Corporations & Taxation

Three bills of complaint for declaratory decree were reserved and reported by a single justice, without decision, and have been consolidated for argument and decision. As the defendants’ brief states, except for minor differences, the facts of all three cases are the same. The issue is whether, under G. L. c. 62, § 5, as amended through St. 1966, c. 698, §§ 4, 6, certain amounts deducted from the salaries of the employees of three charitable cor porations and used to purchase annuity contracts are “income . . . received” by the employees during the taxable year in which the amounts deducted…