Scheft v. Commissioner
United States Tax Court
Petitioner created six trusts and directed the trustees to distribute the net income of each trust to a designated beneficiary and, upon termination of each trust, to pay over the principal, including the capital gains, to petitioner or, if he is not living, to his estate.
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Petitioner created six trusts and directed the trustees to distribute the net income of each trust to a designated beneficiary and, upon termination of each trust, to pay over the principal, including the capital gains, to petitioner or, if he is not living, to his estate. Petitioner reports his income using a calendar year while each of the trusts uses a fiscal year ending Mar. 31. During the calendar year 1968 and during the trusts' fiscal year ending Mar. 31, 1969, the trusts sold property and realized capital gains which petitioner admits are taxable to him. Held, under the provisions of…
1Opinion of the Court
William Scheft and Gertrude Scheft, Petitioners v. Commissioner of Internal Revenue, Respondent
Scheft v. Commissioner
Docket No. 381-71
United States Tax Court
59 T.C. 428; 1972 U.S. Tax Ct. LEXIS 11; 59 T.C. No. 40;
December 18, 1972, Filed
Decision will be entered for the respondent.
Petitioner created six trusts and directed the trustees to distribute the net income of each trust to a designated beneficiary and, upon termination of each trust, to pay over the principal, including the capital gains, to petitioner or, if he is not living, to his estate. Petitioner reports his income using a…
2Cases cited18 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Singer v. United StatesSupreme Court of the United States · 1945
- Mallinckrodt v. CommissionerUnited States Tax Court · 1943
- Mallinckrodt v. NunanCourt of Appeals for the Eighth Circuit · 1945
- Athanasius Y. Samuel v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1962
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