Penn v. Commissioner
United States Board of Tax Appeals
Petitioner created a trust and transferred to herself and her sister, as cotrustees, certain securities. The trust instrument provided that $150 per month should be paid to the sister out of the income of the trust, and that any income in excess of that amount should be accumulated and invested. The trust was to terminate upon the death of the beneficiary, at which time the property of the trust was to revert to the settlor or her heirs at law.
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Petitioner created a trust and transferred to herself and her sister, as cotrustees, certain securities. The trust instrument provided that $150 per month should be paid to the sister out of the income of the trust, and that any income in excess of that amount should be accumulated and invested. The trust was to terminate upon the death of the beneficiary, at which time the property of the trust was to revert to the settlor or her heirs at law. The settlor reserved the right to modify, alter, and amend the trust instrument provided such amendment should not in any way revoke or change the…
1Opinion of the Court
BLANCHE G. PENN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Penn v. Commissioner
Docket No. 90760.
United States Board of Tax Appeals
39 B.T.A. 787; 1939 BTA LEXIS 978;
April 19, 1939, Promulgated
Petitioner created a trust and transferred to herself and her sister, as cotrustees, certain securities. The trust instrument provided that $150 per month should be paid to the sister out of the income of the trust, and that any income in excess of that amount should be accumulated and invested. The trust was to terminate upon the death of the beneficiary, at which time the property of…
2Cases cited6 opinions
- Boeing v. CommissionUnited States Board of Tax Appeals · 1938
- Rovensky v. CommissionerUnited States Board of Tax Appeals · 1938
- Wollman v. CommissionerUnited States Board of Tax Appeals · 1934
- Corning v. CommissionerUnited States Board of Tax Appeals · 1937
- O'Laughlin v. CommissionerUnited States Board of Tax Appeals · 1938
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