Grey v. Commissioner of Internal Revenue

LINDLEY, District Judge.

Petitioner Charles F. Grey seeks to re-' verse a decision of the Board of Tax Appeals approving a deficiency in his income tax for 1934 in the amount of $439.55. His wife joins in the petition because the tax return was joint in character. We are concerned, however, only with questions relating to his income. He is a beneficiary under a trust created by his grandfather, entitled to receive 4% per cent of its net income. Under the provisions of the testamentary trust, of its net income 50 per cent is distributable to individual beneficiaries and 50 per cent to…