Wolcott v. Commissioner
United States Board of Tax Appeals
1. Petitioner is not taxable under section 166 of the Revenue Act of 1936 on the incomes of four trusts created for the benefit of his children, where he reserved no power of revocation and it is shown that the contingency upon which corpus might be invaded in order to discharge his legal obligations did not occur during the taxable year.
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1. Petitioner is not taxable under section 166 of the Revenue Act of 1936 on the incomes of four trusts created for the benefit of his children, where he reserved no power of revocation and it is shown that the contingency upon which corpus might be invaded in order to discharge his legal obligations did not occur during the taxable year. Helvering v. Wood,309 U.S. 344, and Lewis Hunt Mills, Administrator,39 B.T.A. 798, followed. 2. Where petitioner created four trusts for his children, two of whom were minors and two of whom were adults in the taxable year, provided in the indentures that…
1Opinion of the Court
FRANK E. WOLCOTT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Wolcott v. Commissioner
Docket No. 100008.
United States Board of Tax Appeals
42 B.T.A. 1151; 1940 BTA LEXIS 894;
November 5, 1940, Promulgated
1. Petitioner is not taxable under section 166 of the Revenue Act of 1936 on the incomes of four trusts created for the benefit of his children, where he reserved no power of revocation and it is shown that the contingency upon which corpus might be invaded in order to discharge his legal obligations did not occur during the taxable year. Helvering v. Wood,309 U.S. 344, and Lewis…
2Cases cited5 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Helvering v. WoodSupreme Court of the United States · 1940
- Mills v. CommissionerUnited States Board of Tax Appeals · 1939
- Hoover v. CommissionerUnited States Board of Tax Appeals · 1940
- Wolcott v. CommissionerUnited States Board of Tax Appeals · 1940