Central Nat'l Bank v. Commissioner

CENTRAL NATIONAL BANK, TRUSTEE FOR JACOB PERKINS, ET AL., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Central Nat'l Bank v. Commissioner

Docket No. 28701.

United States Board of Tax Appeals

25 B.T.A. 1123; 1932 BTA LEXIS 1422;

April 13, 1932, Promulgated

Income of a trust distributed to beneficiaries is taxable under the Revenue Acts of 1921 and 1924 to the beneficiaries. Income of the trust not so distributed is taxable to the trust.

D. J. Needham, Esq., for the petitioner.

J. R. Johnston, Esq., for the respondent.

VAN FOSSAN

This proceeding is for the redetermination of deficiencies…