Lynchburg Trust & Sav. Bank v. Commissioner
United States Board of Tax Appeals
1. Held that the income of a trust which was accumulated in the discretion of the trustees, and not paid or credited to the beneficiaries, is taxable to the trust. 2. The provisions of a will construed and held to create a single trust.
1Opinion of the Court
LYNCHBURG TRUST & SAVINGS BANK ET AL., TRUSTEES, TRUST FOR W. G. AND E. F. YOUNGER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Lynchburg Trust & Sav. Bank v. Commissioner
Docket Nos. 51163, 54121, 59888.
United States Board of Tax Appeals
27 B.T.A. 1182; 1933 BTA LEXIS 1234;
April 14, 1933, Promulgated
1. Held that the income of a trust which was accumulated in the discretion of the trustees, and not paid or credited to the beneficiaries, is taxable to the trust.
2. The provisions of a will construed and held to create a single trust.
O. H. Tufts, C.P.A., for the petitioners.
Bernard…
2Cases cited1 opinion
- Lynchburg Trust & Sav. Bank v. CommissionerUnited States Board of Tax Appeals · 1933