Donner v. Commissioner
United States Board of Tax Appeals
The taxpayer created a trust in 1929 and directed that its income be paid, exclusively, to such charitable organizations as he and an advisory committee, appointed by him in the trust instrument, might select. The income, so far as not urgently needed for charitable purposes, was to be accumulated until the time should arrive for its use for the purposes for which the trusts was created.
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The taxpayer created a trust in 1929 and directed that its income be paid, exclusively, to such charitable organizations as he and an advisory committee, appointed by him in the trust instrument, might select. The income, so far as not urgently needed for charitable purposes, was to be accumulated until the time should arrive for its use for the purposes for which the trusts was created. No powers of revocation were reserved by the grantor and the trust was to continue after his death. Held, no part of the trust income is taxable to the grantor, for the following reasons: (1) A charitable…
1Opinion of the Court
OPINION.
Leech::
This is a proceeding to redetermine a deficiency in income tax of $44,749.47 for the calendar year 1984. It involves the question of the taxability to petitioner of the income of a charitable trust, created by him in 1929, either under sections 166 and 167 of the Revenue Act of 1934, or upon the theory that no valid trust was created by him. The pertinent facts are found pursuant to a stipulation and attached documentary evidence.
On September 26, 1929, petitioner transferred 15,090 shares of the capital stock of the Donner Steel Co. in trust to the Union Trust Co. of…
2Cases cited6 opinions
- Erie Railroad v. TompkinsSupreme Court of the United States · 1938
- Lyeth v. HoeySupreme Court of the United States · 1938
- Thompson's EstateSupreme Court of Pennsylvania · 1924
- Jordan's EstateSupreme Court of Pennsylvania · 1938
- Archambault's EstateSupreme Court of Pennsylvania · 1932
1 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Schoellkopf v. United StatesDistrict Court, W.D. New York · 1941
- Donner v. CommissionerUnited States Board of Tax Appeals · 1939