Heller v. Commissioner
United States Board of Tax Appeals
1. Petitioner and other relatives of his children contributed money and securities to custodian accounts for the children. The accounts were set up by the custodian bank by using petitioner's name as trustee. No declarations of trust were set up, and trusts were not intended. Petitioner managed and controlled the accounts, but withdrew no moneys therefrom, except in case of a few errors; none was loaned to anyone, and none used to maintain, educate, and support the children.
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1. Petitioner and other relatives of his children contributed money and securities to custodian accounts for the children. The accounts were set up by the custodian bank by using petitioner's name as trustee. No declarations of trust were set up, and trusts were not intended. Petitioner managed and controlled the accounts, but withdrew no moneys therefrom, except in case of a few errors; none was loaned to anyone, and none used to maintain, educate, and support the children. Held, the contributions were present gifts and not by way of trust. 2. Petitioner and his mother contributed separate…
1Opinion of the Court
EDWARD H. HELLER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Heller v. Commissioner
Docket Nos. 94794, 94795.
United States Board of Tax Appeals
41 B.T.A. 1020; 1940 BTA LEXIS 1112;
May 1, 1940, Promulgated
1. Petitioner and other relatives of his children contributed money and securities to custodian accounts for the children. The accounts were set up by the custodian bank by using petitioner's name as trustee. No declarations of trust were set up, and trusts were not intended. Petitioner managed and controlled the accounts, but withdrew no moneys therefrom, except in case of a…
2Cases cited26 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Helvering v. WoodSupreme Court of the United States · 1940
- EXECUTORS OF McDONOGH v. MURDOCHSupreme Court of the United States · 1854
- Lefrooth v. PrenticeCalifornia Supreme Court · 1927
- Towson v. MooreSupreme Court of the United States · 1899
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