Milbank v. Commissioner
United States Board of Tax Appeals
Petitioner created a trust in favor of his wife for his life, and two short term trusts naming his sister-in-law and uncle as respective beneficiaries. Held, petitioner is not taxable on the income from these trusts under section 166 of the Revenue Act of 1934, Meredith Wood,37 B.T.A. 1065; affd., 309 U.S. 344; held, further, that the trusts were substantial and not within the scope of Helvering v. Clifford,309 U.S. 331.
1Opinion of the Court
*1017OPINION.
Van Fossan:
The single issue to be determined is whether or not the income of three trusts created by petitioner is taxable to petitioner for the year 1934. Petitioner contends that all three trusts were valid and enforceable under New York law and that there was no such retention of the incidents of ownership or control as would cause the income of the trusts to be taxable to the petitioner. Respondent argues that the three trusts should be considered in two separate groups — (1) the Milbank trust, and (2) the Palmer and Dunlevy trusts. He concedes that the Milbank trust is a valid…
2Cases cited7 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Blair v. CommissionerSupreme Court of the United States · 1937
- Lyeth v. HoeySupreme Court of the United States · 1938
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Burnet v. WellsSupreme Court of the United States · 1933
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Donahue v. CommissionerUnited States Board of Tax Appeals · 1941
- Lamont v. CommissionerUnited States Board of Tax Appeals · 1940
- Milbank v. CommissionerUnited States Board of Tax Appeals · 1940