Wood v. Commissioner
United States Board of Tax Appeals
1. The decedent established a trust, the corpus of which was shares of stock in two companies. Some of the shares were at the time pledged as collateral for loans made to decedent by a number of banks.
Read the full summary
1. The decedent established a trust, the corpus of which was shares of stock in two companies. Some of the shares were at the time pledged as collateral for loans made to decedent by a number of banks. The trust instrument provided that the income from the corpus of the trust should first be used to discharge such bank loans and certain unsecured obligations for which the decedent was personally liable, and should decedent during should his lifetime liquidate said indebtedness or after his death should his estate pay said debts, the income of the trust should be used to reimburse either…
1Opinion of the Court
GRAHAME AND RICHARD D. WOOD, EXECUTORS OF THE ESTATE OF GEORGE WOOD, DECEASED, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Wood v. Commissioner
Docket No. 41211.
United States Board of Tax Appeals
26 B.T.A. 533; 1932 BTA LEXIS 1289;
June 29, 1932, Promulgated
1. The decedent established a trust, the corpus of which was shares of stock in two companies. Some of the shares were at the time pledged as collateral for loans made to decedent by a number of banks. The trust instrument provided that the income from the corpus of the trust should first be used to discharge such bank loans…
2Cases cited1 opinion
- Wood v. CommissionerUnited States Board of Tax Appeals · 1932