Branch v. Commissioner
United States Board of Tax Appeals
In 1928 the petitioner created a trust and transferred to the trustees certain securities pledged with a bank as security on promissory notes of the petitioner to the bank in the amount of $400,000. The petitioner's wife was the life beneficiary and accounted for the income from the trust in her income tax returns. The petitioner was one of three trustees and had a large measure of control over the investments of the trust.
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In 1928 the petitioner created a trust and transferred to the trustees certain securities pledged with a bank as security on promissory notes of the petitioner to the bank in the amount of $400,000. The petitioner's wife was the life beneficiary and accounted for the income from the trust in her income tax returns. The petitioner was one of three trustees and had a large measure of control over the investments of the trust. Held, that the trust was not a revocable trust and that the petitioner is not taxable upon the income thereof for 1934.
1Opinion of the Court
CLAUDE R. BRANCH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Branch v. Commissioner
Docket No. 94248.
United States Board of Tax Appeals
40 B.T.A. 1044; 1939 BTA LEXIS 758;
December 7, 1939, Promulgated
In 1928 the petitioner created a trust and transferred to the trustees certain securities pledged with a bank as security on promissory notes of the petitioner to the bank in the amount of $400,000. The petitioner's wife was the life beneficiary and accounted for the income from the trust in her income tax returns. The petitioner was one of three trustees and had a large measure of…
2Cases cited9 opinions
- Douglas v. WillcutsSupreme Court of the United States · 1935
- Reinecke v. SmithSupreme Court of the United States · 1933
- Rovensky v. CommissionerUnited States Board of Tax Appeals · 1938
- Downs v. CommissionerUnited States Board of Tax Appeals · 1937
- Dunning v. CommissionerUnited States Board of Tax Appeals · 1937
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