Clark v. Commissioner
United States Board of Tax Appeals
The petitioner, under a trust established by her father in 1906, had an equitable life interest therein consisting of the right to receive one-fourth of the distributions of the trust. On December 24, 1919, petitioner, in consideration of love and affection assigned to her husband a "one-half interest in all income, grants, interest, reversion, remainder, and remainders" which might thereafter be payable to her from the trust.
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The petitioner, under a trust established by her father in 1906, had an equitable life interest therein consisting of the right to receive one-fourth of the distributions of the trust. On December 24, 1919, petitioner, in consideration of love and affection assigned to her husband a "one-half interest in all income, grants, interest, reversion, remainder, and remainders" which might thereafter be payable to her from the trust. The instrument of assignment was executed before a notary public on February 19, 1920. The trustees were not notified of the assignment until April 30, 1924. All…
1Opinion of the Court
*456OPINION.
Smith :
The question presented in these proceedings is whether the legal effect of the assignment made by the petitioner December 24, 1919, was to vest in her husband one-half of her interest in the trust fund of which she was a beneficiary and to relieve her from liability to income tax in respect of one-half of the income distributable to her under the trust instrument during the taxable years 1922 and 1923. In accordance with the petitioner’s and her husband’s understanding of the assigning instrument each returned one-half of income of the trust fund for the years 1922 and 1923 in…
2Cases cited11 opinions
- Title Insurance & Trust Co. v. DuffillCalifornia Supreme Court · 1923
- Bridge v. KedonCalifornia Supreme Court · 1912
- Driscoll v. DriscollCalifornia Supreme Court · 1904
- Curtin v. KowalskyCalifornia Supreme Court · 1904
- Burkett v. DotyCalifornia Supreme Court · 1917
6 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- McDonald v. CommissionerUnited States Board of Tax Appeals · 1933
- Clark v. CommissionerUnited States Board of Tax Appeals · 1929
- McDonald v. CommissionerUnited States Board of Tax Appeals · 1933