Wood v. Commissioner
United States Board of Tax Appeals
Where petitioner created a trust, naming his wife as beneficiary of the income therefrom, but did not reserve any power to revoke the trust and the income could not under the terms of the trust instrument be paid to him or accumulated for his future benefit, and, further, where the trust was not established to discharge a legal obligation of petitioner and he did not control the use of the income, held, that the income of the trust was not taxable to petitioner under…
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Where petitioner created a trust, naming his wife as beneficiary of the income therefrom, but did not reserve any power to revoke the trust and the income could not under the terms of the trust instrument be paid to him or accumulated for his future benefit, and, further, where the trust was not established to discharge a legal obligation of petitioner and he did not control the use of the income, held, that the income of the trust was not taxable to petitioner under sections 166 or 167 of the Revenue Act of 1934.
1Opinion of the Court
opinion.
Tyson:
This proceeding seeks redetermination of an income tax deficiency of $1,228.23 for the year 1934, of which amount $1,224.03 is in controversy.
Petitioner assigns error in the respondent’s determination that a certain trust established by petitioner was a revocable trust and that petitioner received as taxable income in 1934 the sum of $8,750, paid as dividends on 25 shares of the capital stock of the Book-of-the-Month Club, Inc., which constituted the corpus of that trust.
The petitioner is an individual and a citizen of the United States, residing at Scarsdale, Town of…
2Cases cited3 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Burnet v. WellsSupreme Court of the United States · 1933
3Cited by9 opinions
- Barbour v. CommissionerUnited States Board of Tax Appeals · 1939
- Goulder v. CommissionerUnited States Board of Tax Appeals · 1939
- Irvine v. CommissionerUnited States Board of Tax Appeals · 1942
- Jonas v. CommissionerUnited States Board of Tax Appeals · 1939
- Milbank v. CommissionerUnited States Board of Tax Appeals · 1940
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