Coursey v. Commissioner
United States Board of Tax Appeals
1. One half the profit from a sale of land by a trust from which the grantor could withdraw at discretion for her needs amounts not to exceed half the net value of the corpus, held, taxable to the grantor.
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1. One half the profit from a sale of land by a trust from which the grantor could withdraw at discretion for her needs amounts not to exceed half the net value of the corpus, held, taxable to the grantor. Sec. 166, Revenue Act of 1928. 2. The words "title" and "part of the corpus", as used in section 166, Revenue Act of 1928, do not imply an identification of specific property. 3. A trust instrument, reserving to the settlor a power of appointment by will, which had not been exercised, held, to create an adverse present interest in those who would under Maryland law take by intestate…
1Opinion of the Court
OPINION.
SteRNhagen:
The Commissioner determined a deficiency of $3,947.33 in the petitioner’s income tax for 1930, and a 25 percent penalty of $986.83 for failure to file a. return. In the notice of deficiency, he included in petitioner’s income one half of the gain derived by a trust from the sale of real property. The petitioner assails this determination primarily as improperly taxing her upon the gain of the trust; and, in the alternative, upon several subsidiary grounds. By amended answer, the respondent affirmatively claims an increase in the deficiency and penalty, averring that by…
2Cases cited2 opinions
- Morrison v. CaliforniaSupreme Court of the United States · 1934
- Mercantile Trust Co. v. Bergdorf & Goodman Co.Court of Appeals of Maryland · 1934
3Cited by7 opinions
- Welch v. BradleyCourt of Appeals for the First Circuit · 1942
- Helvering v. DunningCourt of Appeals for the Fourth Circuit · 1941
- Craig v. United StatesDistrict Court, W.D. Pennsylvania · 1946
- Hall v. WelchDistrict Court, D. Massachusetts · 1941
- Coursey v. CommissionerUnited States Board of Tax Appeals · 1936
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