Lynchburg Trust & Sav. Bank v. Commissioner
United States Board of Tax Appeals
1. Held that the income of a trust which was accumulated in the discretion of the trustees, and not paid or credited to the beneficiaries, is taxable to the trust. 2. The provisions of a will construed and held to create a single trust.
1Opinion of the Court
OPINION.
Aeundell:
These proceedings are for the redetermination of deficiencies in income taxes in the amounts of $202.48, $843.19, $265.55 and $331.54 for the respective years 1926, 1927, 1928 and 1929. The cases were submitted on a stipulation of facts, which is adopted as our findings of fact.
From the stipulation of facts it appears that the petitioners are the duly qualified executors and trustees under the will of T. W. Gilliam, who died February 3, 1924, a resident of Lynchburg, Virginia.
The decedent left his residuary, property to the petitioners, in trust, with directions that the net…
2Cases cited1 opinion
- Reinecke v. SpaldingSupreme Court of the United States · 1930
3Cited by4 opinions
- Rauers v. CommissionerUnited States Board of Tax Appeals · 1933
- Trust No. 3 v. CommissionerUnited States Tax Court · 1960
- Lynchburg Trust & Sav. Bank v. CommissionerUnited States Board of Tax Appeals · 1933
- Trust No. 3 v. CommissionerUnited States Tax Court · 1960