Bishop Trust Co. v. Commissioner

STEPHENS, Circuit Judge.

This is.a petition to review the United States Board of Tax Appeals Decision, upholding the Commissioner’s determination of a deficiency in the income tax return made by the petitioners for the trust estate, for the year 1932, in the sum of $712.51.

The stipulated facts show that Maude G. Young, resident of Hawaii, died testate in 1926, leaving two surviving children, the beneficiaries of the trust herein involved. After certain bequests, she willed the residue of her estate to petitioners, as trustees, directing certain payments to said children “each and every month…