Oakman v. Commissioner
United States Board of Tax Appeals
Held that the trust involved meets the requirements of section 704(b) of the Revenue Act of 1928 and that the income thereof, whether distributed or not, is taxable to the beneficiaries.
1Opinion of the Court
*91opinion.
Yan Fossan:
The primary question for determination is whether or not petitioner is a trust the income of which is taxable to the beneficiaries thereof pursuant to section 704 (b) of the Act of 1928. That section is as follows:
For the purpose of the Revenue Act of 1926 and prior Revenue Acts, a trust shall, at the option of the trustee exercised within one year after the enactment of this Act, be considered as a trust the income of which is taxable (whether distributed or not) to the beneficiaries, and not as an association, if such trust (1) had a single trustee, and (2) was created…
2Cases cited3 opinions
- Ruch v. RuchMichigan Supreme Court · 1909
- Schmidt v. BarclayMichigan Supreme Court · 1910
- Ferry v. MillerMichigan Supreme Court · 1911
3Cited by1 opinion
- Oakman v. CommissionerUnited States Board of Tax Appeals · 1931