Bay Trust Co. v. Commissioner
United States Board of Tax Appeals
The trustee of a trust, created by an agreement made by the parties in compromise of a will controversy, may not deduct as distributed income, under Revenue Act 1928, sec. 162(b), the amount of a fixed annuity payable in any event, irrespective of the amount of trust income, notwithstanding that in the taxable year the payment is made from trust income and that in any year an inadequacy of trust income is to be made up of contributions by remaindermen.
1Opinion of the Court
BAY TRUST COMPANY, TRUSTEE, ESTATE OF LOUIS E. OPPENHEIM, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
OSCAR LOWMAN, PAULINE H. SLOMAN, AND FLORENCE H. POLOZKER, EXECUTORS OF THE ESTATE OF JENNIE H. OPPENHEIM, DECEASED, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
SARA O. LEVY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
EARL H. SPIESBERGER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Bay Trust Co. v. Commissioner
Docket Nos. 76356, 77886, 79701, 79702.
United States Board of Tax Appeals
34 B.T.A. 233; 1936 BTA LEXIS 729;
Mar…
2Cases cited1 opinion
- Bay Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1936