Cleveland Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Held that a certain so-called trust agreement created a relationship of agency. N. H. Boynton,11 B.T.A. 1352, followed. 2. Where the owner of certain identifiable stock certificates establishes that he sold and delivered the same certain certificates, he is entitled to deduct the loss thereby sustained.
1Opinion of the Court
*141OPINION.
Van Fossan :
The first issue in these proceedings is whether or not the agreement executed by E. C. and Dora V. Henn on April 30,1917, constitutes a trust Avithin the meaning of section 219 of the Revenue Act of 1918. If the document is construed not to be such a trust, then the losses resulting from the sales of property deposited with the Cleveland Trust Company, the trustee named in that instrument, are deductible from the gross incomes of the petitioner, Dora V. Henn and E. C. Henn, whose estate is now represented by the said Cleveland Trust Company as executor.
The facts in this…
2Cases cited3 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Towne v. McElligottDistrict Court, S.D. New York · 1921
3Cited by1 opinion
- Cleveland Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1931