Dodge v. Commissioner
United States Board of Tax Appeals
The petitioner, under a trust established by the will of his father, had an equitable life interest therein consisting of the right to receive one third of the income of the fund after the death of his mother, who died in 1921. On September 13, 1929, the petitioner "for valuable consideration" assigned to each of two daughters for life one twelfth "of the income of the residuary trust under the will of Elisha P. Dodge [his father] accruing from September 1, 1929, to the date…
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The petitioner, under a trust established by the will of his father, had an equitable life interest therein consisting of the right to receive one third of the income of the fund after the death of his mother, who died in 1921. On September 13, 1929, the petitioner "for valuable consideration" assigned to each of two daughters for life one twelfth "of the income of the residuary trust under the will of Elisha P. Dodge [his father] accruing from September 1, 1929, to the date of my death." Payments pursuant to the rights assigned were thereafter made by the trustees to the assignees, the first…
1Opinion of the Court
*634OPINION.
Smith:
If the assignments made by the petitioner on September 13,1929, were valid assignments, the decision in this case is ruled by our opinion in Edith H. Blaney, 13 B.T.A. 1315. We there held that an assignor of portions of her right to receive income from a trust fund was not liable to income tax in respect of income paid to the assignees after the execution of the assignments. We held, however, that the assignor was liable to income tax in respect of income which had been accumulated by the trustees prior to the date of the execution of the assignments. Consonant with that…
2Cases cited1 opinion
- BLANEY v. COMMISSIONERUnited States Board of Tax Appeals · 1928
3Cited by1 opinion
- Dodge v. CommissionerUnited States Board of Tax Appeals · 1933