Hall v. Commissioner
United States Tax Court
Petitioner created an irrevocable trust for a fifteen-year period, designating his four daughters as beneficiaries. He named himself as trustee and was to have "unlimited powers of investment, contract, compromise, sale, lease and otherwise" with respect to the trust property. He could distribute the income or withhold it as he saw fit and income not distributed became principal.
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Petitioner created an irrevocable trust for a fifteen-year period, designating his four daughters as beneficiaries. He named himself as trustee and was to have "unlimited powers of investment, contract, compromise, sale, lease and otherwise" with respect to the trust property. He could distribute the income or withhold it as he saw fit and income not distributed became principal. He could invade principal for the education and maintenance of the named beneficiaries or to meet expenses of illness, emergency, or other extreme misfortune. Except in case of his wife if she should succeed him as…
1Opinion of the Court
OPINION.
Tuener, Judge:
Respondent contends that the trust income is taxable to petitioner under the provisions of section 22 (a) of the Internal Revenue Code, as that section has been construed by the Supreme Court in Helvering v. Clifford, 309 U. S. 331.
For the purposes here, the petitioner apparently has treated the income of the trust as allocable to his four daughters in equal shares and has raised issue only with respect to the income which under the trust instrument might have been distributed to each daughter after her eighteenth birthday, the total amount here in issue being $6,398.10.…
2Cases cited3 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Rentschler v. CommissionerUnited States Tax Court · 1943
- Marshall v. CommissionerUnited States Tax Court · 1943
3Cited by17 opinions
- Black v. CommissionerUnited States Tax Court · 1945
- Shapero v. CommissionerUnited States Tax Court · 1947
- Myer v. CommissionerUnited States Tax Court · 1946
- Amory v. CommissionerUnited States Tax Court · 1946
- Black v. CommissionerUnited States Tax Court · 1945
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