Trust Under Will of Mabury v. Commissioner
United States Tax Court
The will of decedent, who died on Oct. 16, 1964, provided for the establishment of a "charitable trust" as defined by sec. 4947(a)(1), I.R.C. 1954. The terms of the trust provided for accumulation of all trust income during the existence of the trust.
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The will of decedent, who died on Oct. 16, 1964, provided for the establishment of a "charitable trust" as defined by sec. 4947(a)(1), I.R.C. 1954. The terms of the trust provided for accumulation of all trust income during the existence of the trust. The trust is to terminate upon the earlier of (1) the publication of a designated book by a specified organization described in sec. 509(a)(1), or (2) the expiration of 21 years from the death of the survivor of three persons named in decedent's will. If the trust terminates as a result of the book's being published, the trust estate is to be…
1Opinion of the Court
OPINION
Iewin, Judge:
By notices of deficiency, dated January 29, 1980, respondent determined the following excise tax deficiencies:
Docket No. Year ending Sept. 30— First-tier tax sec. 4942(a)1 Second-tier tax sec. 4942(b)
6119-80 $368,535 1975 $55,280
1976 55,280
1977 55,280
1978 55,280
1979 55,280
6120-80 1976 64,851 432,340
1977 64,851
1978 64,851
1979 64,851
The issues for decision are: (1) Whether the Mabury Trust had "undistributed income” for its taxable year ended September 30, 1974, and is liable for an initial excise tax imposed in the amount of 15 percent of such "undistributed income,” for…
2Cases cited11 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Select Base Materials, Inc. v. Board of EqualizationCalifornia Supreme Court · 1959
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Turner v. Board of TrusteesCalifornia Supreme Court · 1976
- Gordon v. CommissionerUnited States Tax Court · 1978
6 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- "Miss Elizabeth" D. Leckie Scholarship Fund v. CommissionerUnited States Tax Court · 1986
- Feller v. CommissionerUnited States Tax Court · 1983
- "Miss Elizabeth" D. Leckie Scholarship Fund v. CommissionerUnited States Tax Court · 1986
- Hamilton v. CommissionerUnited States Tax Court · 1991
- Trust Under Will of Mabury v. CommissionerUnited States Tax Court · 1983