Banfield v. Commissioner
United States Tax Court
1. Grantor-trustee of irrevocable trusts for benefit of wife and minor children, with all circumstances conceded to be identical with those in Ellis H. Warren, 45 B. T. A. 379; affd., 133 Fed.
Read the full summary
1. Grantor-trustee of irrevocable trusts for benefit of wife and minor children, with all circumstances conceded to be identical with those in Ellis H. Warren, 45 B. T. A. 379; affd., 133 Fed. (2d) 312, held taxable on income therefrom, under the doctrine of Helvering v.Clifford, on authority of Ellis H. Warren, supra, unaffected by provisions of Revenue Act of 1943, section 134, referring to trust income available for maintenance of grantor's dependents. 2. Income from similar trusts, from which grantor's unrestricted right to deal with trusts by means of sales and loans had been eliminated,…
1Opinion of the Court
OPINION.
Oppee, Judge:
Petitioners contest the major portion of deficiencies of $5,149.71, $12,579.75, and $28,450.73 determined for the years 1938, 1939, and 1940, respectively, in the income tax of petitioner’s decedent, hereinafter sometimes referred to as petitioner or decedent. One issue relating to the deduction of a bad debt has been conceded by respondent and will be given effect in the recomputation.
The record consists solely of an exhibit embracing our file in a prior proceeding, certain admissions in the pleadings, and a stipulation of the facts agreed to by the parties. All such…
2Cases cited5 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Blair v. CommissionerSupreme Court of the United States · 1937
- Helvering v. StuartSupreme Court of the United States · 1942
- Mallinckrodt v. CommissionerUnited States Tax Court · 1943
- Cartinhour v. CommissionerUnited States Tax Court · 1944
3Cited by20 opinions
- Biddle v. CommissionerUnited States Tax Court · 1948
- Welch v. CommissionerUnited States Tax Court · 1947
- Herberts v. CommissionerUnited States Tax Court · 1948
- Leonard v. CommissionerUnited States Tax Court · 1945
- Beggs v. CommissionerUnited States Tax Court · 1945
15 more not listed; retrieve them via the Exa API.