Upton v. Commissioner
United States Tax Court
1. Petitioners Anna and Margaret are income beneficiaries of a testamentary trust, the principal income of which consisted of oil royalties. The instrument creating the trust, as interpreted by the California court, in effect, provided that the trustees in determining the distributable income, shall first make due allowance for keeping the trust corpus intact by retaining a reasonable amount of the current income for that purpose.
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1. Petitioners Anna and Margaret are income beneficiaries of a testamentary trust, the principal income of which consisted of oil royalties. The instrument creating the trust, as interpreted by the California court, in effect, provided that the trustees in determining the distributable income, shall first make due allowance for keeping the trust corpus intact by retaining a reasonable amount of the current income for that purpose. Held, the allowable deduction for depletion under section 23(m) of the Internal Revenue Code of 1939, as interpreted by sections 39.23(l)-1 and 39.23(m)-1(c) of…
1Opinion of the Court
ARUndell, Judge:
In these consolidated proceedings, the respondent determined deficiencies in income tax for the taxable years ended December 31,1952 and 1953, in amounts as follows:
Docket No. 1952 1953 Petitioner
66966 $36,155.48 $29,373.87 John R. Upton and Anna L. S. Upton-.
65967 42,047.43 38,516.12 Margaret St. Aubyn_
Petitioners have assigned numerous errors, most of which have been disposed of by stipulations and, to the extent necessary, effect will be given thereto in the recomputations to be made under Rule 50. Only two issues remain for our determination. They are (1) whether the…
2Cases cited8 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Munger v. CommissionerUnited States Tax Court · 1950
- Fleming v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1941
- Carol v. CommissionerUnited States Board of Tax Appeals · 1934
3 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Estate of SloanCalifornia Court of Appeal · 1963
- John R. Upton, Anna L. S. Upton and Margaret St. Aubyn v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
- Dusek v. CommissionerUnited States Tax Court · 1966
- Estate of Nissen v. CommissionerUnited States Tax Court · 1964
- Hickman v. St. AubynCalifornia Court of Appeal · 1963
4 more not listed; retrieve them via the Exa API.