Washington v. Commissioner
United States Board of Tax Appeals
1. Petitioner in writing conveyed to his wife and children a four-fifths interest in a royalty contract he had with a corporation, reserving to himself (1) the right to modify the contract and reduce the royalty, (2) to pay four fifths of his debts, in unascertained amount, and (3) to pay four fifths of the living expenses of his dependent family; and in the exercise of the reserved rights, petitioner, with the consent of his wife and children, received and disbursed the…
Read the full summary
1. Petitioner in writing conveyed to his wife and children a four-fifths interest in a royalty contract he had with a corporation, reserving to himself (1) the right to modify the contract and reduce the royalty, (2) to pay four fifths of his debts, in unascertained amount, and (3) to pay four fifths of the living expenses of his dependent family; and in the exercise of the reserved rights, petitioner, with the consent of his wife and children, received and disbursed the royalty funds. Held, the royalty fund so received is income taxable to petitioner. 2. Payments made by petitioner in…
1Opinion of the Court
GEORGE WASHINGTON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Washington v. Commissioner
Docket No. 43408.
United States Board of Tax Appeals
30 B.T.A. 788; 1934 BTA LEXIS 1270;
May 23, 1934, Promulgated
1. Petitioner in writing conveyed to his wife and children a four-fifths interest in a royalty contract he had with a corporation, reserving to himself (1) the right to modify the contract and reduce the royalty, (2) to pay four fifths of his debts, in unascertained amount, and (3) to pay four fifths of the living expenses of his dependent family; and in the exercise of the…
2Cases cited1 opinion
- Washington v. CommissionerUnited States Board of Tax Appeals · 1934