Dunning v. Commissioner
United States Board of Tax Appeals
1. Where a taxpayer creates trusts under which he appoints himself as a cotrustee and gives to himself the sole power to invest and reinvest surplus income of the trust and to vote stock conveyed to the trust; and where the trust is irrevocable for a period of five years after which time it may be terminated by the grantor and the corpus of the trust returned; and where the trust is terminated in a year other than the taxable year and the corpus returned to him is only the…
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1. Where a taxpayer creates trusts under which he appoints himself as a cotrustee and gives to himself the sole power to invest and reinvest surplus income of the trust and to vote stock conveyed to the trust; and where the trust is irrevocable for a period of five years after which time it may be terminated by the grantor and the corpus of the trust returned; and where the trust is terminated in a year other than the taxable year and the corpus returned to him is only the original corpus and not investments acquired from accumulated income, held, that income of the trust is not taxable to…
1Opinion of the Court
*1226OPINION.
Harron:
Respondent contends that all of the income of the five trusts created by petitioner in 1932 is taxable to the petitioner. Respondent has added to petitioner’s taxable income for 1933 the amount of $158,610.41 explained as “trust income.” This amount is less than the total amount of the income of the five trusts during 1933 but appears to be approximately the total amount of dividends received by the trust and, since the chief stock held was the stock in Hynson, Westcott & Dunning, it appears that respondent’s chief contention is that the petitioner is taxable on the income of…
2Cases cited5 opinions
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Burnet v. WellsSupreme Court of the United States · 1933
- Reinecke v. SmithSupreme Court of the United States · 1933
- Hoeper v. Tax Comm'n of Wis.Supreme Court of the United States · 1931
- Becker v. St. Louis Union Trust Co.Supreme Court of the United States · 1935
3Cited by13 opinions
- Allen v. CommissionerUnited States Tax Court · 1944
- Barbour v. CommissionerUnited States Board of Tax Appeals · 1939
- Branch v. CommissionerUnited States Board of Tax Appeals · 1939
- Buck v. CommissionerUnited States Board of Tax Appeals · 1940
- Dunning v. CommissionerUnited States Board of Tax Appeals · 1937
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