Estate of Solomon v. Commissioner

OPINION.

Kern, Judge:

The sole question now before us for decision is whether under the somewhat peculiar facts of the instant case the petitioner, who was the settlor, life beneficiary, and co-trustee of a trust, should he taxed under section 22 (a) of the Internal Revenue Code of 1939 on the capital gains, which were realized by that trust in 1950 and which were neither distributed nor distributable to her as such life beneficiary under the laws of the jurisdiction in which the trust was administered. Hutchison v. Boss, 262 N. Y. 381; In re Bank of Richmondville, et al., 259 App. Div. 4,…