King v. Commissioner
United States Tax Court
The decedent in 1935 created three trusts, transferring securities to a named trustee, the trust indenture providing that the income should be paid to certain designated beneficiaries for life, with remainders over to designated remaindermen.
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The decedent in 1935 created three trusts, transferring securities to a named trustee, the trust indenture providing that the income should be paid to certain designated beneficiaries for life, with remainders over to designated remaindermen. The indenture provided among other things that any principal of the trust might be invested or reinvested in any type of property even though speculative, extrahazardous, and unproductive, and that during the lifetime of the grantor the trustee should exercise the rights of management and investment only in accordance with directions of the grantor.…
1Opinion of the Court
Estate of Willard V. King, Deceased, The Chase Manhattan Bank, Formerly The Chase National Bank of the City of New York, Executor, Petitioner, v. Commissioner of Internal Revenue, Respondent
King v. Commissioner
Docket No. 78430
United States Tax Court
37 T.C. 973; 1962 U.S. Tax Ct. LEXIS 190;
February 21, 1962, Filed
Decision will be entered under Rule 50.
The decedent in 1935 created three trusts, transferring securities to a named trustee, the trust indenture providing that the income should be paid to certain designated beneficiaries for life, with remainders over to designated remaindermen. The…
2Cases cited13 opinions
- Carrier v. . CarrierNew York Court of Appeals · 1919
- Collister v. . FassittNew York Court of Appeals · 1900
- State Street Trust Company, Executors v. United StatesCourt of Appeals for the First Circuit · 1959
- Downe v. CommissionerUnited States Tax Court · 1943
- King v. CommissionerUnited States Tax Court · 1962
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