Van Buren v. Commissioner
United States Tax Court
P is the income beneficiary of a testamentary trust created under the will of her late husband. In addition to income from its own investments, the trust received a distribution from the late husband's estate which, although income of the trust for tax purposes, constituted principal for fiduciary accounting purposes.
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P is the income beneficiary of a testamentary trust created under the will of her late husband. In addition to income from its own investments, the trust received a distribution from the late husband's estate which, although income of the trust for tax purposes, constituted principal for fiduciary accounting purposes. P contends that her income from the trust is of the same character as the trust's internally generated income, exclusive of the trust income attributable to the estate distribution. Held, neither the trust instrument nor local law specifically requires an allocation of different…
1Opinion of the Court
Caroline P. van Buren, Petitioner v. Commissioner of Internal Revenue, Respondent
Van Buren v. Commissioner
Docket No. 40380-84
United States Tax Court
89 T.C. 1101; 1987 U.S. Tax Ct. LEXIS 167; 89 T.C. No. 76;
December 7, 1987; As amended December 16, 1987 December 7, 1987, Filed
Decision will be entered under Rule 155.
P is the income beneficiary of a testamentary trust created under the will of her late husband. In addition to income from its own investments, the trust received a distribution from the late husband's estate which, although income of the trust for tax purposes, constituted…
2Cases cited11 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Schaffner v. Chemical BankDistrict Court, S.D. New York · 1972
- Mott v. United StatesUnited States Court of Claims · 1972
- Tucker v. CommissionerUnited States Tax Court · 1962
- United States v. Bank of America National Trust & Savings Ass'nCourt of Appeals for the Ninth Circuit · 1963
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