Chambers v. Commissioner
United States Board of Tax Appeals
1. Terms of a trust construed to provide that the trustees should retain out of income amounts sufficient to provide for depreciation and depletion of capital assets and to cover losses. 2. The beneficiaries of a trust are taxable only upon their distributable share of the income of the trust.
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1. Terms of a trust construed to provide that the trustees should retain out of income amounts sufficient to provide for depreciation and depletion of capital assets and to cover losses. 2. The beneficiaries of a trust are taxable only upon their distributable share of the income of the trust. When the trustee properly withholds from income amounts necessary to provide for exhaustion and losses of capital assetsThe distributable income of the beneficiary does not include any part of such amounts withheld.
1Opinion of the Court
ANNA M. CHAMBERS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
THALIA C. TAYLOR, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Chambers v. Commissioner
Docket Nos. 17686, 17799, 26057.
United States Board of Tax Appeals
17 B.T.A. 820; 1929 BTA LEXIS 2238;
October 9, 1929, Promulgated
1. Terms of a trust construed to provide that the trustees should retain out of income amounts sufficient to provide for depreciation and depletion of capital assets and to cover losses.
2. The beneficiaries of a trust are taxable only upon their distributable share of the income of the…
2Cases cited8 opinions
- Follmer's AppealSupreme Court of Pennsylvania · 1860
- Whitcomb v. CommissionerUnited States Board of Tax Appeals · 1926
- Fleming v. CommissionerUnited States Board of Tax Appeals · 1927
- Hagerty v. AlbrightSupreme Court of Pennsylvania · 1866
- Scripps v. CommissionerUnited States Board of Tax Appeals · 1925
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