Smith v. Commissioner
United States Board of Tax Appeals
1. Petitioner created a trust, retaining the power, in conjunction with two others, to revest the corpus of the trust. Held, the income of such trust is taxable to the petitioner under section 219 (g) of the Revenue Acts of 1924 and 1926. 2. Petitioner created a trust for her four sons and also created in herself, her husband, and three others a joint power to change and alter the trust, appoint new beneficiaries, etc.
Read the full summary
1. Petitioner created a trust, retaining the power, in conjunction with two others, to revest the corpus of the trust. Held, the income of such trust is taxable to the petitioner under section 219 (g) of the Revenue Acts of 1924 and 1926. 2. Petitioner created a trust for her four sons and also created in herself, her husband, and three others a joint power to change and alter the trust, appoint new beneficiaries, etc. Held, such power did not make petitioner's husband a beneficiary of the trust within the meaning of the Revenue Act.
1Opinion of the Court
EMMA LOUISE SMITH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Smith v. Commissioner
Docket No. 43378.
United States Board of Tax Appeals
23 B.T.A. 631; 1931 BTA LEXIS 1844;
June 9, 1931, Promulgated
1. Petitioner created a trust, retaining the power, in conjunction with two others, to revest the corpus of the trust. Held, the income of such trust is taxable to the petitioner under section 219 (g) of the Revenue Acts of 1924 and 1926.
2. Petitioner created a trust for her four sons and also created in herself, her husband, and three others a joint power to change and alter the…
2Cases cited1 opinion
- Smith v. CommissionerUnited States Board of Tax Appeals · 1931