Chambers v. Commissioner
United States Board of Tax Appeals
Where under the state law capital gain from the sale of stock becomes part of the corpus and is not distributable to the beneficiaries as income from the trust estate, and under the terms of the will corpus is distributable only at the discretion of the trustees, capital gain so realized is taxable to the trust estate whether distributed or not.
1Opinion of the Court
ANNA M. CHAMBERS AND WILLIAM J. GEALY, TRUSTEES UNDER LAST WILL OF FRED N. CHAMBERS, DECEASED, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Chambers v. Commissioner
Docket No. 71427.
United States Board of Tax Appeals
33 B.T.A. 1125; 1936 BTA LEXIS 782;
February 14, 1936, Promulgated
Where under the state law capital gain from the sale of stock becomes part of the corpus and is not distributable to the beneficiaries as income from the trust estate, and under the terms of the will corpus is distributable only at the discretion of the trustees, capital gain so realized is taxable to…
2Cases cited1 opinion
- Chambers v. CommissionerUnited States Board of Tax Appeals · 1936