Corning v. Commissioner
United States Board of Tax Appeals
Petitioner created two trusts, reserving in each the right to remove and substitute another trustee and reserving in each case power to control the trustee as to investment of the corpus. It was provided that the trustee might loan money to his estate without security or invest the corpus in any way without liability for loss if it had first secured his approval.
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Petitioner created two trusts, reserving in each the right to remove and substitute another trustee and reserving in each case power to control the trustee as to investment of the corpus. It was provided that the trustee might loan money to his estate without security or invest the corpus in any way without liability for loss if it had first secured his approval. Petitioner's father, who was a possible beneficiary in case petitioner died without direct descendants, was granted the right to amend the trust at any time and change its beneficial interests. The income of both trusts was…
1Opinion of the Court
WARREN H. CORNING, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Corning v. Commissioner
Docket No. 86898.
United States Board of Tax Appeals
35 B.T.A. 1162; 1937 BTA LEXIS 787;
May 28, 1937, Promulgated
Petitioner created two trusts, reserving in each the right to remove and substitute another trustee and reserving in each case power to control the trustee as to investment of the corpus. It was provided that the trustee might loan money to his estate without security or invest the corpus in any way without liability for loss if it had first secured his approval. Petitioner's father,…
2Cases cited5 opinions
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Burnet v. WellsSupreme Court of the United States · 1933
- Ashforth v. CommissionerUnited States Board of Tax Appeals · 1932
- Dravo v. CommissionerUnited States Board of Tax Appeals · 1936
- Corning v. CommissionerUnited States Board of Tax Appeals · 1937