Wolcott v. Commissioner
United States Board of Tax Appeals
1. Petitioner is not taxable under section 166 of the Revenue Act of 1936 on the incomes of four trusts created for the benefit of his children, where he reserved no power of revocation and it is shown that the contingency upon which corpus might be invaded in order to discharge his legal obligations did not occur during the taxable year.
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1. Petitioner is not taxable under section 166 of the Revenue Act of 1936 on the incomes of four trusts created for the benefit of his children, where he reserved no power of revocation and it is shown that the contingency upon which corpus might be invaded in order to discharge his legal obligations did not occur during the taxable year. Helvering v. Wood,309 U.S. 344, and Lewis Hunt Mills, Administrator,39 B.T.A. 798, followed. 2. Where petitioner created four trusts for his children, two of whom were minors and two of whom were adults in the taxable year, provided in the indentures that…
1Opinion of the Court
*1156OPINION.
Leech:
Respondent’s specifically pleaded theory is that petitioner is taxable on the income of the four trusts under sections 166 and 167 of the Revenue Act of 1936. The issues, admittedly, for decision are whether, under sections 166 and 167, (1) petitioner is taxable on the income of the two trusts created for the children who were minors during the taxable year to the extent such income exceeded the amounts paid over for their suitable support, maintenance, and education, and (2) petitioner is taxable to any extent on the income of the two trusts created for the children who were…
2Cases cited6 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Helvering v. WoodSupreme Court of the United States · 1940
- New Haven Bank, N. B. A. v. HubingerSupreme Court of Connecticut · 1933
- Mayor & Aldermen of Worcester v. Board of Railroad CommissionersMassachusetts Supreme Judicial Court · 1873
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Hopkins v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1944
- Hopkins v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1944
- Wolcott v. CommissionerUnited States Board of Tax Appeals · 1940