Filley v. Commissioner
United States Board of Tax Appeals
1. INCOME - TRUSTS - DISTRIBUTED CURRENTLY. - Income paid to a beneficiary under a provision to "pay over the net income thereof in semiannual or other convenient payments * * * or in the uncontrolled discretion of the Trustees to apply the same to her use and benefit", and under the provision of another trust to "pay over the net income to the child for whom the trust is held during the term of his or her natural life", is income to be distributed currently within the…
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1. INCOME - TRUSTS - DISTRIBUTED CURRENTLY. - Income paid to a beneficiary under a provision to "pay over the net income thereof in semiannual or other convenient payments * * * or in the uncontrolled discretion of the Trustees to apply the same to her use and benefit", and under the provision of another trust to "pay over the net income to the child for whom the trust is held during the term of his or her natural life", is income to be distributed currently within the meaning of section 162(b), Revenue Act of 1936, and is taxable to the beneficiary even though it was not paid to her until…
1Opinion of the Court
MARY PYNE FILLEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Filley v. Commissioner
Docket No. 98818.
United States Board of Tax Appeals
45 B.T.A. 826; 1941 BTA LEXIS 1068;
November 25, 1941, Promulgated
1. INCOME - TRUSTS - DISTRIBUTED CURRENTLY. - Income paid to a beneficiary under a provision to "pay over the net income thereof in semiannual or other convenient payments * * * or in the uncontrolled discretion of the Trustees to apply the same to her use and benefit", and under the provision of another trust to "pay over the net income to the child for whom the trust is held…
2Cases cited2 opinions
- Higgins v. CommissionerSupreme Court of the United States · 1941
- Filley v. CommissionerUnited States Board of Tax Appeals · 1941