Saltonstall v. Commissioner
United States Tax Court
Trusts -- Income -- Distributable To Beneficiaries. -- Allocation between life tenant and subsequent beneficiaries of a recovery by a trust on a long term lease from a bankrupt lessee representing rents after default, depends upon all known facts, and the Commissioner's determination that it was all income distributable to the life tenant at the time of receipt will not be disturbed in the absence of facts showing that some other allocation would be more just.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined deficiencies in income tax of this petitioner for the calendar years 1937 and 1938 in the amounts of $48,353.76 and $11,291.95, respectively. The parties have filed a stipulation settling all issues save two and stating the facts as to those two issues.
The petitioner reported as income for 1937 the amount distributed to her by a trust which had been created by her father. The Commissioner added, to the amount reported, additional income of the trust. He did that upon the theory that the entire net amount recovered by the trust in 1937 from a…
2Cases cited1 opinion
- Johnson v. BrinkMassachusetts Supreme Judicial Court · 1930
3Cited by7 opinions
- Leslie v. CommissionerUnited States Tax Court · 1946
- McVeigh v. CommissionerUnited States Tax Court · 1944
- Bedford v. CommissionerUnited States Tax Court · 1943
- Saltonstall v. CommissionerCourt of Appeals for the First Circuit · 1945
- Bedford v. CommissionerUnited States Tax Court · 1943
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