Towne v. Commissioner
United States Board of Tax Appeals
Trust income of the tax year undistributed during beneficiary's minority and properly paid to him on reaching majority in the same year held taxable to the trust and not to the beneficiary. Spreckels v. Commissioner, 101 Fed.(2d) 721, followed.
1Opinion of the Court
*1047OPINION.
Oppee :
Deficiencies were determined by respondent in the income tax of the individual petitioner for the year 1935 in the amount of $4,390.95; and in the income tax of the petitioning trustees for the same year of $100.71 and $722.34 for the Florence Lindsay Johnson and William Pierce Johnson trusts, respectively. Their correctness is put in issue by these consolidated proceedings. The facts are stipulated and are hereby found accordingly. For present purposes a summary will suffice.
The trusts for the benefit of the individual petitioner, hereinafter for convenience referred to as…
2Cited by3 opinions
- Commissioner v. ClarkCourt of Appeals for the Second Circuit · 1943
- Pitcairn v. CommissionerUnited States Tax Court · 1942
- Towne v. CommissionerUnited States Board of Tax Appeals · 1940