Thornton v. Commissioner
United States Tax Court
As the beneficiary of a testamentary trust to whom the entire net income was distributable, the petitioner reported in her income tax returns for 1940 and 1941 the net amounts of income distributed to her.
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As the beneficiary of a testamentary trust to whom the entire net income was distributable, the petitioner reported in her income tax returns for 1940 and 1941 the net amounts of income distributed to her. The trustees had authority under the provisions of the will of the creator to "determine whether money or property coming into their possession shall be treated as principal or income, and charge or apportion expenses and losses to principal or income as they may deem just and equitable, and to bind the beneficiary and distributee by their judgment therein." The trust had large capital…
1Opinion of the Court
Florence H. Thornton, Petitioner, v. Commissioner of Internal Revenue, Respondent
Thornton v. Commissioner
Docket No. 6090
United States Tax Court
5 T.C. 1177; 1945 U.S. Tax Ct. LEXIS 26;
December 10, 1945, Promulgated
Decision will be entered under Rule 50.
As the beneficiary of a testamentary trust to whom the entire net income was distributable, the petitioner reported in her income tax returns for 1940 and 1941 the net amounts of income distributed to her. The trustees had authority under the provisions of the will of the creator to "determine whether money or property coming into their…
2Cases cited1 opinion
- Thornton v. CommissionerUnited States Tax Court · 1945