Todd v. Commissioner
United States Board of Tax Appeals
Petitioner was devised and bequeathed a life estate in personal property, including securities, with right to income during life, right to use principal for support of himself, his children, or their issue, and to collect income and profits for his benefit during life.
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Petitioner was devised and bequeathed a life estate in personal property, including securities, with right to income during life, right to use principal for support of himself, his children, or their issue, and to collect income and profits for his benefit during life. Held, interpreting the provisions of the will under the law of Ohio and on the facts, that capital gains from sale of securities belonging to the estate constituted principal and that the respondent erred in including them in petitioner's gross income under sections 161 and 162, Revenue Act of 1936.
1Opinion of the Court
*780OPINION.
Disnet :
The question for our determination is whether the $6,500.94 capital gain realized, as stated in stipulation filed by counsel, is distributable to and taxable to the petitioner, William It. Todd, in the year 1937, as contended by the respondent and denied by the petitioner.
The determination of that issue is dependent primarily on the construction of Elizabeth Pogue Todd’s will, the material and pertinent portions of which' have been stated in our findings of fact. The burden is of course upon the petitioner. Many authorities have been cited and relied on in briefs of counsel,…
2Cases cited11 opinions
- Freuler v. HelveringSupreme Court of the United States · 1934
- Graham's EstateSupreme Court of Pennsylvania · 1901
- National Surety Co. v. JarrettWest Virginia Supreme Court · 1924
- Stewart v. PhelpsAppellate Division of the Supreme Court of the State of New York · 1902
- Boardman v. MansfieldSupreme Court of Connecticut · 1907
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3Cited by5 opinions
- Weil v. United StatesUnited States Court of Claims · 1960
- Security-First Natlional Bank v. United StatesDistrict Court, S.D. California · 1960
- Cooke v. United StatesDistrict Court, D. Hawaii · 1953
- Swingle v. CommissionerUnited States Tax Court · 1959
- Todd v. CommissionerUnited States Board of Tax Appeals · 1941