Robert L. Moody Trust v. Commissioner
United States Tax Court
Held, a trust instrument, executed by Robert L. Moody on June 13, 1960, as subsequently amended, created a separate trust for each of his children rather than a single trust for the benefit of all of them.
1Opinion of the Court
OPINION
Neither section 641(a), which declares that the income tax shall apply to the “taxable income of estates or of any kind of property held in trust,” nor section 641(b), which provides that the tax on the “taxable income of an estate or trust” shall be paid by the fiduciary, nor any other Code section gives any guidance as to whether income from the “property held in trust” in this case is to be taxed as earned by one trust, or by several. The issue is basically factual. Its answer depends upon the settlor’s intent, and his intent is to be gleaned from the language used in the trust…
2Cases cited15 opinions
- US Trust Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Buhl v. KavanaghCourt of Appeals for the Sixth Circuit · 1941
- Huntington Nat. Bank v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1937
- Helfrich's Estate v. Commissioner of Int. Rev.Court of Appeals for the Seventh Circuit · 1944
- HELVERING, COMMR. OF INTERNAL REVENUE v. McILVAINE TR.Supreme Court of the United States · 1936
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3Cited by3 opinions
- Hemphill v. AukampWest Virginia Supreme Court · 1980
- North Carolina National Bank v. GoodeSupreme Court of North Carolina · 1979
- Robert L. Moody Trust v. CommissionerUnited States Tax Court · 1976