Merrell v. Commissioner
United States Board of Tax Appeals
Where by the terms of a will stock is placed in trust to pay the income to three beneficiaries and to distribute the stock equally among them or their estates upon the death of one of them, and before the contingency happens, the beneficiaries, who are also executors and trustees, pursuant to authority expressly granted in the will, decide to dispose of the stock, and as executors, trustees and individuals, sell to each of themselves as individuals at par one third of the…
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Where by the terms of a will stock is placed in trust to pay the income to three beneficiaries and to distribute the stock equally among them or their estates upon the death of one of them, and before the contingency happens, the beneficiaries, who are also executors and trustees, pursuant to authority expressly granted in the will, decide to dispose of the stock, and as executors, trustees and individuals, sell to each of themselves as individuals at par one third of the stock, the beneficiaries acquire title to the stock by purchase under the agreement of sale and not by specific bequest,…
1Opinion of the Court
IRVING S. MERRELL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Merrell v. Commissioner
Docket No. 70103.
United States Board of Tax Appeals
33 B.T.A. 625; 1935 BTA LEXIS 730;
November 29, 1935, Promulgated
Where by the terms of a will stock is placed in trust to pay the income to three beneficiaries and to distribute the stock equally among them or their estates upon the death of one of them, and before the contingency happens, the beneficiaries, who are also executors and trustees, pursuant to authority expressly granted in the will, decide to dispose of the stock, and as…
2Cases cited1 opinion
- Merrell v. CommissionerUnited States Board of Tax Appeals · 1935