Morsman v. Commissioner of Internal Revenue

THOMAS, Circuit Judge.

This is a petition to review a decision of the Board of Tax Appeals which sustained the action of the Commissioner of Internal Revenue determining a deficiency in petitioner’s income tax for 1929 in the amount of $5,440.70.

The question for decision is whether the profit realized from the sale of certain securities was taxable to the petitioner individually or to an alleged trust entity created by him.

The facts giving rise to the controversy are as follows: The petitioner executed an instrument captioned “Trust Agreement” on January 28,1929, in which he named himself as…