Hexter v. Commissioner
United States Board of Tax Appeals
1. The petitioner set up an irrevocable trust, with his wife as sole beneficiary and cotrustee with him, and with no rights in the petitioner to corpus or income. No provision was made for payment of trust income upon life insurance premiums or upon petitioner's obligations.
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1. The petitioner set up an irrevocable trust, with his wife as sole beneficiary and cotrustee with him, and with no rights in the petitioner to corpus or income. No provision was made for payment of trust income upon life insurance premiums or upon petitioner's obligations. The wife had for three years been paying premiums upon life insurance policies assigned absolutely to her by the trustor, and after the formation of the trust she continued to pay from a bank account into which the trust income was deposited both the insurance premiums and certain household expenses. Held, that trust…
1Opinion of the Court
STEPHEN HEXTER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hexter v. Commissioner
Docket No. 105467.
United States Board of Tax Appeals
47 B.T.A. 483; 1942 BTA LEXIS 685;
August 6, 1942, Promulgated
1. The petitioner set up an irrevocable trust, with his wife as sole beneficiary and cotrustee with him, and with no rights in the petitioner to corpus or income. No provision was made for payment of trust income upon life insurance premiums or upon petitioner's obligations. The wife had for three years been paying premiums upon life insurance policies assigned absolutely to her by the…
2Cases cited1 opinion
- Hexter v. CommissionerUnited States Board of Tax Appeals · 1942