Corning v. Commissioner
United States Tax Court
1. Petitioner Warren H. Corning established a long-term trust in 1929 for the benefit of members of his intimate family group. Petitioner reserved the power to substitute trustees without cause, but has not exercised such power. The present trustee is a corporate trustee which was appointed in 1930 by the previous corporate trustee.
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1. Petitioner Warren H. Corning established a long-term trust in 1929 for the benefit of members of his intimate family group. Petitioner reserved the power to substitute trustees without cause, but has not exercised such power. The present trustee is a corporate trustee which was appointed in 1930 by the previous corporate trustee. The trust instrument, as amended, gave the trustee during the years here in issue the power to amend or revoke the trust, including the right to change any of the beneficial interests thereunder. Held, petitioner's power to substitute trustees without cause…
1Opinion of the Court
OPINION.
Rice, Judge:
These consolidated proceedings involve deficiencies in income tax determined against the petitioners as follows:
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The sole issue to be decided is whether petitioner Warren H. Corning retained such a degree of dominion and control over a trust of which he was the grantor that its income is taxable to him under the provisions of section 22 (a) of the 1939 Code.
All of the facts were stipulated, are so found, and are incorporated herein by this reference.
Warren H. Corning (hereinafter referred to as petitioner) and Maud E. Corning are husband and wife, residing in…
2Cases cited13 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Commissioner of Internal Revenue v. BuckCourt of Appeals for the Second Circuit · 1941
- Loughridge's Estate v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. Loughridge's EstateCourt of Appeals for the Tenth Circuit · 1950
- Wier v. CommissionerUnited States Tax Court · 1951
- Central Nat. Bank v. Com'r of Internal RevenueCourt of Appeals for the Sixth Circuit · 1944
8 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Archbold Van Beuren v. Martin M. McLoughlin (Former Acting Collector of Internal Revenue), DefendnatsCourt of Appeals for the First Circuit · 1959
- Stern v. CommissionerUnited States Tax Court · 1981
- Estate of Wall v. CommissionerUnited States Tax Court · 1994
- Estate of Wall v. CommissionerUnited States Tax Court · 1993
- Carson v. CommissionerUnited States Tax Court · 1989
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