Downs v. Commissioner
United States Board of Tax Appeals
1. The grantor created a trust under which she retained no power to revoke or to have any of the income used for her benefit, ubt only the power to alter the distributive shares of principal and income of the beneficiaries of the classes named in the trust instrument.
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1. The grantor created a trust under which she retained no power to revoke or to have any of the income used for her benefit, ubt only the power to alter the distributive shares of principal and income of the beneficiaries of the classes named in the trust instrument. While the grantor reserved the power to alter the distributive shares of the beneficiaries, the proper construction of the trust instrument requires that all of the income and principal be paid over to some of the beneficiaries of the classes specified, and the grantor is without power to reduce all of the beneficial shares to a…
1Opinion of the Court
PHEBE WARREN MCKEAN DOWNS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Downs v. Commissioner
Docket No. 86798.
United States Board of Tax Appeals
36 B.T.A. 1129; 1937 BTA LEXIS 624;
December 9, 1937, Promulgated
1. The grantor created a trust under which she retained no power to revoke or to have any of the income used for her benefit, ubt only the power to alter the distributive shares of principal and income of the beneficiaries of the classes named in the trust instrument. While the grantor reserved the power to alter the distributive shares of the beneficiaries, the proper…
2Cases cited2 opinions
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Downs v. CommissionerUnited States Board of Tax Appeals · 1937