Koepfli v. Commissioner
United States Tax Court
1. Held, on the facts, that trust income was to be distributed currently and therefore was taxable to petitioner as beneficiary, under section 162 (b), Internal Revenue Code. 2. Held, that there is no evidence to sustain the respondent's prayer for increased deficiency on the ground that capital losses were charged to corpus and were not deductible from trust income taxable to the petitioner.
1Opinion of the Court
OPINION.
Disney, Judge:
The first question presented for our consideration here is whether petitioner is taxable, either under section 22 (a) ,1 or sections 1612 and 162 (b)3 of the Internal Revenue Code, on the income of the trust. It would be superfluous to discuss the application of section 22 (a), for we have come to the conclusion, after much study of the interesting briefs presented, that petitioner is liable for taxation under sections 161 and 162 (b). The application of these sections depends upon whether under the text thereof the income “is to be distributed currently.” In our…
2Cases cited1 opinion
- Harris v. CommissionerUnited States Tax Court · 1945
3Cited by1 opinion
- Koepfli v. CommissionerUnited States Tax Court · 1948