Jones Trust v. Commissioner
United States Board of Tax Appeals
Petitioner trusts were created in England by an English settlor for English beneficiaries. At the time of creation of the trusts the trusts had common trustees, three of whom were English and the fourth was a citizen of the United States. Most of the securities comprising the corpora of the trusts were of United States corporations.
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Petitioner trusts were created in England by an English settlor for English beneficiaries. At the time of creation of the trusts the trusts had common trustees, three of whom were English and the fourth was a citizen of the United States. Most of the securities comprising the corpora of the trusts were of United States corporations. During the taxable years, and for many years prior thereto, the United States securities were kept in this country and the trustees maintained an office in New York, New York, in charge of the United States trustee. The trusts maintained a safety deposit box and…
1Opinion of the Court
*534OPINION.
ARtjndell :
The only issue before us is whether or not capital gains realized by petitioners in the taxable years are taxable to petitioners or whether by virtue of the provisions of section 211 (a) of the Revenue Act of 1936,. as amended by section 501 of the Revenue Act of 1937,1 and section 211 (a) of the Revenue Act of 1938, such gains are not taxable in the hands of petitioners. The amount of the capital gains realized is not in dispute.
Prior to the enactment of the Revenue Act of 1936, the taxing authorities experienced great difficulty in collecting the tax from nonresident…
2Cases cited2 opinions
- Chambers v. HathawayCalifornia Supreme Court · 1921
- In re the probate of the will of PaullinSupreme Court of New Jersey · 1921
3Cited by3 opinions
- Lambert Tree Trust Estate v. CommissionerUnited States Tax Court · 1962
- Jones Trust v. CommissionerUnited States Board of Tax Appeals · 1942
- Lambert Tree Trust Estate v. CommissionerUnited States Tax Court · 1962