Burney v. Commissioner
United States Tax Court
1. On February 3, 1927, decedent executed an inter vivos trust of personal property for the benefit of his five brothers and his wife, reserving "the privilege of changing the relative interests of the different beneficiaries at any time by reducing the interest of some and adding to the interests of others."
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1. On February 3, 1927, decedent executed an inter vivos trust of personal property for the benefit of his five brothers and his wife, reserving "the privilege of changing the relative interests of the different beneficiaries at any time by reducing the interest of some and adding to the interests of others." The trust instrument further provided that the trustee should "wind up and distribute the trust as speedily as possible" upon the decedent's death, and that "on the death of any of the beneficiaries the interest of the deceased shall lapse and go to the other beneficiaries in proportion…
1Opinion of the Court
Estate of I. H. Burney, Deceased, Henry P. Burney, Belle L. S. Burney and Elmer Renfro, Executors, Petitioners, v. Commissioner of Internal Revenue, Respondent
Burney v. Commissioner
Docket No. 3058
United States Tax Court
4 T.C. 449; 1944 U.S. Tax Ct. LEXIS 10;
December 11, 1944, Promulgated
Decision will be entered under Rule 50.
1. On February 3, 1927, decedent executed an inter vivos trust of personal property for the benefit of his five brothers and his wife, reserving "the privilege of changing the relative interests of the different beneficiaries at any time by reducing the interest of some…
2Cases cited15 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Klein v. United StatesSupreme Court of the United States · 1931
- Gulf Production Co. v. Continental Oil Co.Texas Supreme Court · 1939
- Rae v. BakerCourt of Appeals of Texas · 1931
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