Bruner v. Department of Revenue

The facts are not in dispute. Henry P. Bruner, a Wisconsin resident, created a revocable trust in which he designated himself as the beneficiary during his lifetime and appointed the Harris Trust & Savings Bank of Chicago, Illinois, as trustee. In 1965, the trust realized capital gains in the amount of $4,659.11 from the sale of stocks, bonds, and securities. These capital gains were retained by the trustee as a part of the trust assets and were not distributed as income. In his 1965 federal income tax return, Henry P. Bruner reported these capital gains pursuant to sec. 676 (a) of the…