Fish v. Commissioner
United States Board of Tax Appeals
1. The income of a trust was all to be distributed to the wife of the grantor and the corpus was to revert to him only in the event that he survived her and exercised the power to revoke.
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1. The income of a trust was all to be distributed to the wife of the grantor and the corpus was to revert to him only in the event that he survived her and exercised the power to revoke. Held, the income of the trust is not taxable to him under section 166 of the Revenue Acts of 1934 and 1936. 2. The grantor of a trust and his wife, who was the beneficiary of the entire trust income and, at her demand, of 5 percent of the corpus in any year, together had the power to revest any part of the trust corpus in him prior to her death. Held, the income of the trust is not taxable to him under…
1Opinion of the Court
*262OPINION.
Sternhagen:
The Commissioner held that the decedent had retained power to revest in himself title to the corpus of the trust, in that he could revoke the trust if he survived his wife, and on this ground cited section 166, Revenue Acts of 1934 and 1936, to support the inclusion in the petitioner’s income of part of the income of the trust. In this the respondent was in error. For the purpose of discussion it may be assumed, in exaggeration of the fact, that the entire corpus of the trust had been contributed by the decedent. However, by its terms the income was all to be distributed to…
2Cited by1 opinion
- Fish v. CommissionerUnited States Board of Tax Appeals · 1940