Klein v. Commissioner
United States Tax Court
Petitioner purchased realty with his own funds and had the sellers deed it to him as trustee for his two minor daughters. He did not sign the deed.
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Petitioner purchased realty with his own funds and had the sellers deed it to him as trustee for his two minor daughters. He did not sign the deed. It provided, in substance, that, as trustee for the two children named as beneficiaries, and for their use and benefit, he should control the property -- including leasing, improving, selling or exchanging, in his discretion; that the trust should terminate when the younger child (then aged seven) reached the age of twenty-one, and all trust corpus should vest in the two children. Later the petitioner, with his own funds, paid off the mortgage. He…
1Opinion of the Court
B. H. Klein, Petitioner, v. Commissioner of Internal Revenue, Respondent. B. H. Klein and Babs L. Klein, Husband and Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent
Klein v. Commissioner
Docket Nos. 21014, 21015
United States Tax Court
14 T.C. 687; 1950 U.S. Tax Ct. LEXIS 216;
April 27, 1950, Promulgated
Decisions will be entered for the petitioners.
Petitioner purchased realty with his own funds and had the sellers deed it to him as trustee for his two minor daughters. He did not sign the deed. It provided, in substance, that, as trustee for the two children named as…
2Cases cited8 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Hodge v. JoySupreme Court of Alabama · 1921
- McCarthy v. McCarthySupreme Court of Alabama · 1883
- Randolph v. East Birmingham Land Co.Supreme Court of Alabama · 1893
- Straw v. MowerSupreme Court of Vermont · 1925
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