Davis v. Commissioner
United States Board of Tax Appeals
1. In 1929 the petitioner, trustee of the estate of Otto Ernst Isenberg, received $287,323.40 from the former trustee of the estate in payment of a judgment against said trustee for breach of trust in connection with the sale of certain shares of stock which were a part of the trust corpus. The amount of the judgment consisted of the value of the stock at the time of the trial plus a surcharge representing the dividends paid thereon after the sale.
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1. In 1929 the petitioner, trustee of the estate of Otto Ernst Isenberg, received $287,323.40 from the former trustee of the estate in payment of a judgment against said trustee for breach of trust in connection with the sale of certain shares of stock which were a part of the trust corpus. The amount of the judgment consisted of the value of the stock at the time of the trial plus a surcharge representing the dividends paid thereon after the sale. Held, that the amount of the judgment is income to the trust, which, except the surcharge, was not distributable to the beneficiaries as it…
1Opinion of the Court
CHARLES S. DAVIS, SUCCESSOR TRUSTEE U/W AND OF THE ESTATE OF OTTO ERNST ISENBERG, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
HELEN L. ISENBERG TRUST, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
PAUL OTTO ISENBERG TRUST, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Davis v. Commissioner
Docket Nos. 74249, 71373, 71374.
United States Board of Tax Appeals
35 B.T.A. 1001; 1937 BTA LEXIS 811;
April 27, 1937, Promulgated
1. In 1929 the petitioner, trustee of the estate of Otto Ernst Isenberg, received $287,323.40 from the former trustee of the…
2Cases cited14 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Gould v. GouldSupreme Court of the United States · 1917
- Charles E. Pearsall & Son v. CommissionerUnited States Board of Tax Appeals · 1934
- Hornsby v. CommissionerUnited States Board of Tax Appeals · 1932
- Jockey Club v. CommissionerUnited States Board of Tax Appeals · 1934
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