Chambers v. Commissioner
United States Board of Tax Appeals
Where under the state law capital gain from the sale of stock becomes a part of the corpus and is not distributable to the beneficiaries as income from the trust estate, and under the terms of the will corpus is distributable only at the discretion of the trustees, capital gain so realized but not actually distributed is not taxable to the beneficiaries as income distributable to them.
1Opinion of the Court
OPINION.
Adams :
These proceedings, which have been consolidated, involve proposed deficiencies in income tax of $1,042.36 for the year 1927 and $410 for the year 1929. The sole question for determination is *972whether the gain realized from the sale of certain securities and real estate is taxable as income to the trust estate or to the beneficiaries. The cases were heard by Honorable William D. Love, now deceased.
The petitioners are the trustees of the estate of Fred 1ST. Chambers, who died testate in May 1918 and by his last will and testament (included herein by reference), admitted to probate…
2Cases cited8 opinions
- Nirdlinger's EstateSupreme Court of Pennsylvania · 1927
- Waterhouse's EstateSupreme Court of Pennsylvania · 1932
- McKeown's EstateSupreme Court of Pennsylvania · 1919
- Dickinson's EstateSupreme Court of Pennsylvania · 1925
- Jones v. Integrity Trust Co.Supreme Court of Pennsylvania · 1928
3 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- O'Brien v. CommissionerUnited States Board of Tax Appeals · 1934
- Chambers v. CommissionerUnited States Board of Tax Appeals · 1934
- O'Brien v. CommissionerUnited States Board of Tax Appeals · 1934