Downie v. Commissioner

Since the promulgation of the opinion of the Supreme Court in Helvering v. Clifford, 309 U.S. 331, 60 S.Ct. 554, 84 L.Ed. 788, this court has applied its interpretation of the doctrine there declared in numerous income tax cases involving trusts.

In the instant case, the petitioner seeks reversal of the decision of the United States Board of Tax Appeals (now the Tax Court of the United States) holding taxable to him, as trustor, the income from a trust which he created by indenture with a national banking association. The salient characteristics of the trust were that the income should be…