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
OPINION.
Leech :
Respondent determined a deficiency in petitioner’s income tax for 1934 in the sum of $3,776.71, of which $3,713.04 is in controversy. The disputed tax arises by reason of the increasing of petitioner’s reported income by the amount of the income realized, but not distributed, by the trustees in that year, under two trusts created in prior years by petitioner.
The facts are stipulated. The two trust instruments, together with the amendments executed, are made a part of the formal stipulation filed. Briefly stated, the facts are that petitioner in 1929 executed, two trust…
2Cases cited2 opinions
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Burnet v. WellsSupreme Court of the United States · 1933
3Cited by2 opinions
- Corning v. CommissionerUnited States Board of Tax Appeals · 1937
- Corning v. CommissionerUnited States Board of Tax Appeals · 1937