Brooklyn Trust Co. v. Commissioner
United States Board of Tax Appeals
The petitioner is a New York banking corporation and pursuant to the laws of that state it conducts a large trust business. In 1929 it organized, by a declaration of trust, a fund known as "Composite Fund, Series A", to which trust funds of both large and small trusts, with the consent of the trustors, were transferred and commingled for investment purposes. The composite fund was managed by a committee composed of senior officers and directors of the petitioner.
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The petitioner is a New York banking corporation and pursuant to the laws of that state it conducts a large trust business. In 1929 it organized, by a declaration of trust, a fund known as "Composite Fund, Series A", to which trust funds of both large and small trusts, with the consent of the trustors, were transferred and commingled for investment purposes. The composite fund was managed by a committee composed of senior officers and directors of the petitioner. Certificates of beneficial interest were issued to the petitioner as trustee for the beneficial owners. The profits of the…
1Opinion of the Court
BROOKLYN TRUST COMPANY, AS TRUSTEE UNDER ITS DECLARATION OF TRUST BEARING DATE APRIL 22, 1929, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Brooklyn Trust Co. v. Commissioner
Docket No. 71673.
United States Board of Tax Appeals
31 B.T.A. 1070; 1935 BTA LEXIS 1025;
January 17, 1935, Promulgated
The petitioner is a New York banking corporation and pursuant to the laws of that state it conducts a large trust business. In 1929 it organized, by a declaration of trust, a fund known as "Composite Fund, Series A", to which trust funds of both large and small trusts, with the consent of the…
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- Bankers Pocahontas Coal Co. v. BurnetSupreme Court of the United States · 1932
- Investment Trust of Mut. Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Twin Bell Oil Syndicate v. CommissionerUnited States Board of Tax Appeals · 1932
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