Lamont v. Commissioner
United States Board of Tax Appeals
Short term trusts examined, and upon the facts held that the trust income was not properly included in computing the net income of the settlor, under section 22(a), Revenue Act of 1934, but that, under section 167(a)(1), capital gains accumulated as corpus were properly included in computing petitioner's net income.
1Opinion of the Court
*65OPINION.
Disney:
We have for consideration here, in substance, one-year trusts containing no power of revocation, with beneficiaries in part of charitable, educational, or religious organizations, and in part of individuals. In one trust the individual is not a relative of the trustor; in the other the individuals were the settlor’s first cousins. However, none of the individuals were members of the settlor’s household, and to none did the settlor owe any obligation of support. All were adults. The trustee was neither a relative of the settlor, nor a member of her household. He was, however,…
2Cases cited4 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Lucas v. EarlSupreme Court of the United States · 1930
- Blair v. CommissionerSupreme Court of the United States · 1937
- Burnet v. LeiningerSupreme Court of the United States · 1932
3Cited by6 opinions
- Commissioner of Internal Revenue v. ArmourCourt of Appeals for the Seventh Circuit · 1942
- Helvering v. BokCourt of Appeals for the Third Circuit · 1942
- Pierce v. United StatesDistrict Court, D. Minnesota · 1942
- Frank Trust of 1927 v. CommissionerUnited States Board of Tax Appeals · 1941
- George v. CommissionerUnited States Tax Court · 1943
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