Van Buren v. Commissioner
United States Tax Court
P is the income beneficiary of a testamentary trust created under the will of her late husband. In addition to income from its own investments, the trust received a distribution from the late husband's estate which, although income of the trust for tax purposes, constituted principal for fiduciary accounting purposes.
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P is the income beneficiary of a testamentary trust created under the will of her late husband. In addition to income from its own investments, the trust received a distribution from the late husband's estate which, although income of the trust for tax purposes, constituted principal for fiduciary accounting purposes. P contends that her income from the trust is of the same character as the trust's internally generated income, exclusive of the trust income attributable to the estate distribution. Held, neither the trust instrument nor local law specifically requires an allocation of different…
1Opinion of the Court
OPINION
Korner, Judge:
Respondent determined a deficiency of $15,316.07 in petitioner’s 1981 Federal income tax. The issue for our determination is whether the character (as between taxable and tax-exempt income) of amounts reportable by the beneficiary of a simple trust is determined solely by the trust’s internally generated income, or whether the character of amounts received by the trust in a distribution from an estate also enters into the determination.
This case was submitted fully stipulated pursuant to Rule 122.1 The stipulation of facts and the exhibits attached thereto are…
2Cases cited10 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Schaffner v. Chemical BankDistrict Court, S.D. New York · 1972
- Mott v. United StatesUnited States Court of Claims · 1972
- Tucker v. CommissionerUnited States Tax Court · 1962
- United States v. Bank of America National Trust & Savings Ass'nCourt of Appeals for the Ninth Circuit · 1963
5 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
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- Stuart Seligson v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1994
- Van Buren v. CommissionerUnited States Tax Court · 1987