Huntington Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. Trust indenture construed to create one trust with two beneficiaries of the corpus, and not two trusts, each with a single beneficiary. 2. On December 28, 1927, the petitioner placed an order with a broker to sell, and the broker sold, certain stock, crediting the petitioner's account with the selling price and delivering to the purchaser certificates other than those held by the petitioner.
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1. Trust indenture construed to create one trust with two beneficiaries of the corpus, and not two trusts, each with a single beneficiary. 2. On December 28, 1927, the petitioner placed an order with a broker to sell, and the broker sold, certain stock, crediting the petitioner's account with the selling price and delivering to the purchaser certificates other than those held by the petitioner. On December 29, 1927, the petitioner delivered its certificates to the broker, which certificates, at its request, were reissued in favor of and delivered to the broker on December 30, 1927. The broker…
1Opinion of the Court
*343OPINION.
Sea well :
The deficiency in controversy in this proceeding relates to income tax for 1927 in the amount of $18,397. The facts as stipulated are incorporated herein by reference as our findings of fact.
On August 15, 1924, Joseph H. Frantz executed an instrument transferring to the petitioner, in trust, 2,000 shares of common stock of the American Rolling Mill Co., the principal of 1,000 shares of which to be for the “ sole use and benefit ” of each of his granddaughters, Janet and Jean Runkle, then 7 and 5 years old, respectively, and all cash dividends or their equivalent on the whole…
2Cases cited2 opinions
- Avery v. CommissionerSupreme Court of the United States · 1934
- Provost v. United StatesSupreme Court of the United States · 1926
3Cited by8 opinions
- Joyce v. CommissionerUnited States Tax Court · 1964
- Robert L. Moody Trust v. CommissionerUnited States Tax Court · 1976
- Booth Trust v. CommissionerUnited States Tax Court · 1963
- Davis v. CommissionerUnited States Board of Tax Appeals · 1937
- Huntington Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1935
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