Commissioner of Corporations & Taxation v. Alford

These are appeals taken by the commissioner of corporations and taxation in two cases heard together by the Board of Tax Appeals. The cases are the same except that they involve taxes in different years. Resident trustees under a domestic trust sold securities at a gain and held the income so resulting for future distribution under the terms of the will. The commissioner ruled that the gains were taxable as “Income accumulated in trust for the benefit of unborn or unascertained persons or persons with contingent interests,” as those words are used in G. L. c. 62, § 10. The trustees contend…