Todd v. Commissioner
United States Board of Tax Appeals
Petitioner was devised and bequeathed a life estate in personal property, including securities, with right to income during life, right to use principal for support of himself, his children, or their issue, and to collect income and profits for his benefit during life.
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Petitioner was devised and bequeathed a life estate in personal property, including securities, with right to income during life, right to use principal for support of himself, his children, or their issue, and to collect income and profits for his benefit during life. Held, interpreting the provisions of the will under the law of Ohio and on the facts, that capital gains from sale of securities belonging to the estate constituted principal and that the respondent erred in including them in petitioner's gross income under sections 161 and 162, Revenue Act of 1936.
1Opinion of the Court
WILLIAM R. TODD, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Todd v. Commissioner
Docket No. 101312.
United States Board of Tax Appeals
44 B.T.A. 776; 1941 BTA LEXIS 1276;
June 19, 1941, Promulgated
Petitioner was devised and bequeathed a life estate in personal property, including securities, with right to income during life, right to use principal for support of himself, his children, or their issue, and to collect income and profits for his benefit during life. Held, interpreting the provisions of the will under the law of Ohio and on the facts, that capital gains from sale of…
2Cases cited1 opinion
- Todd v. CommissionerUnited States Board of Tax Appeals · 1941