Lindley Trust v. Commissioner
United States Board of Tax Appeals
Under a trust instrument the grantor transferred to petitioner certain real estate in fee, subject to a lease for years thereon in favor of the grantor, as lessor. By its express terms the trust instrument purported to also separately transfer to the trust the right of grantor to receive certain United States bonds which the lease contract provided should be received by the lessors estate six months after his death.
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Under a trust instrument the grantor transferred to petitioner certain real estate in fee, subject to a lease for years thereon in favor of the grantor, as lessor. By its express terms the trust instrument purported to also separately transfer to the trust the right of grantor to receive certain United States bonds which the lease contract provided should be received by the lessors estate six months after his death. A clause in the lease contract recited that the bonds were to be received by the lessor's estate as purchase price of the buildings then situated on the leased premises. The lease…
1Opinion of the Court
CLARKSON LINDLEY TRUST, ANNA GALE LINDLEY, CHARLOTTE LINDLEY WURTELE, AND ALFRED D. LINDLEY, TRUSTEES, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Lindley Trust v. Commissioner
Docket No. 97084.
United States Board of Tax Appeals
42 B.T.A. 509; 1940 BTA LEXIS 989;
August 13, 1940, Promulgated
Under a trust instrument the grantor transferred to petitioner certain real estate in fee, subject to a lease for years thereon in favor of the grantor, as lessor. By its express terms the trust instrument purported to also separately transfer to the trust the right of grantor to receive…
2Cases cited1 opinion
- Lindley Trust v. CommissionerUnited States Board of Tax Appeals · 1940