Corning v. Commissioner
United States Board of Tax Appeals
Petitioner created two trusts. In each, he reserved the right to remove and substitute himself or others as trustee, and the power to control the trustee as to investment of the corpus. Each trust agreement provided that the trustee might loan money to petitioner's estate without security or invest the corpus in any way without liability for loss if it had first secured his approval.
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Petitioner created two trusts. In each, he reserved the right to remove and substitute himself or others as trustee, and the power to control the trustee as to investment of the corpus. Each trust agreement provided that the trustee might loan money to petitioner's estate without security or invest the corpus in any way without liability for loss if it had first secured his approval. Petitioner's father, who was a possible beneficiary in case petitioner died without direct descendants, was granted the right to amend the trust at any time and change its beneficial interests. The income of both…
1Opinion of the Court
OPINION.
Leech:
On May 28, 1987, this Board promulgated an opinion herein—35 B. T. A. 1162. On the 1st day of June 1937, a decision of the Board was entered pursuant to that opinion. June 11, 1937, petitioner moved for Board review of that opinion. June 15, 1937, the Chairman granted that motion. For cause appearing of record, the following opinion is substituted for that opinion of the Board, promulgated May 28,1937, which latter opinion is hereby vacated.
Respondent determined a deficiency in petitioner’s income tax for 1934 in the sum of $3,776.71, of which $3,713.04 is in controversy. The…
2Cases cited3 opinions
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Burnet v. WellsSupreme Court of the United States · 1933
- Helvering v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
3Cited by6 opinions
- Corning v. CommissionerUnited States Board of Tax Appeals · 1937
- Goulder v. CommissionerUnited States Board of Tax Appeals · 1939
- Kraft v. CommissionerUnited States Board of Tax Appeals · 1939
- O'Laughlin v. CommissionerUnited States Board of Tax Appeals · 1938
- Penn v. CommissionerUnited States Board of Tax Appeals · 1939
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