Thorrez v. Commissioner
United States Tax Court
1. Petitioner established four identical trusts for the benefit of minor grandchildren. The trustee of each trust was a parent of the beneficiaries. As each beneficiary reaches 21 years, his share of corpus is to be distributed to him.
Read the full summary
1. Petitioner established four identical trusts for the benefit of minor grandchildren. The trustee of each trust was a parent of the beneficiaries. As each beneficiary reaches 21 years, his share of corpus is to be distributed to him. During the minority of the beneficiaries, trust income is to be accumulated and invested as part of the corpus, but if a beneficiary should need money for support or education, the trustee may make payments from the trust estate, in such sums as he deems advisable, to a beneficiary or his legal guardian. Held, the gifts to each trust were of future interests…
1Opinion of the Court
Camiel Thorrez, Petitioner, v. Commissioner of Internal Revenue, Respondent
Thorrez v. Commissioner
Docket No. 57312
United States Tax Court
31 T.C. 655; 1958 U.S. Tax Ct. LEXIS 5;
December 31, 1958, Filed
Decision will be entered for the respondent.
1. Petitioner established four identical trusts for the benefit of minor grandchildren. The trustee of each trust was a parent of the beneficiaries. As each beneficiary reaches 21 years, his share of corpus is to be distributed to him. During the minority of the beneficiaries, trust income is to be accumulated and invested as part of the corpus, but if…
2Cases cited65 opinions
- Commissioner v. TowerSupreme Court of the United States · 1946
- Lusthaus v. CommissionerSupreme Court of the United States · 1946
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
60 more not listed; retrieve them via the Exa API.