Biddle v. Commissioner
United States Tax Court
1. The trustees of a testamentary trust established for the benefit of petitioner received in 1937 as a dividend on certain shares of Newmont Mining Corporation stock held by the trust 1,591 shares of the common stock of the Phelps Dodge Corporation. This stock was allocated by the trustees to trust corpus and the income tax thereon was paid by the trust.
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1. The trustees of a testamentary trust established for the benefit of petitioner received in 1937 as a dividend on certain shares of Newmont Mining Corporation stock held by the trust 1,591 shares of the common stock of the Phelps Dodge Corporation. This stock was allocated by the trustees to trust corpus and the income tax thereon was paid by the trust. Held, the 1,591 shares of Phelps Dodge stock, under the provisions of the trust instrument and New York law, were properly allocated by the trustees to trust principal and did not constitute currently distributable income taxable to the…
1Opinion of the Court
Anthony J. Drexel Biddle, Jr., and Margaret T. Biddle, Petitioners, v. Commissioner of Internal Revenue, Respondent
Biddle v. Commissioner
Docket No. 9526
United States Tax Court
11 T.C. 868; 1948 U.S. Tax Ct. LEXIS 19;
November 30, 1948, Promulgated
Decision will be entered under Rule 50.
1. The trustees of a testamentary trust established for the benefit of petitioner received in 1937 as a dividend on certain shares of Newmont Mining Corporation stock held by the trust 1,591 shares of the common stock of the Phelps Dodge Corporation. This stock was allocated by the trustees to trust corpus and the…
2Cases cited19 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Blair v. CommissionerSupreme Court of the United States · 1937
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Lyeth v. HoeySupreme Court of the United States · 1938
- Helvering v. StuartSupreme Court of the United States · 1942
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