McCormack v. Commissioner
United States Board of Tax Appeals
1. TRUST INCOME TAXABLE TO GRANTOR. - Income of short term trust taxable to grantor, following Helvering v. Clifford,309 U.S. 331. 2. GIFT TAX - INCOMPLETE GIFT. - Gift was incomplete until termination of trust where dependent upon beneficiary-donee being alive at termination of trust. 3. Id. - Gift was incomplete until termination of trust where dependent upon whether or not grantor trustee, with power to use any or all income for support, maintenance, and well-being of…
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1. TRUST INCOME TAXABLE TO GRANTOR. - Income of short term trust taxable to grantor, following Helvering v. Clifford,309 U.S. 331. 2. GIFT TAX - INCOMPLETE GIFT. - Gift was incomplete until termination of trust where dependent upon beneficiary-donee being alive at termination of trust. 3. Id. - Gift was incomplete until termination of trust where dependent upon whether or not grantor trustee, with power to use any or all income for support, maintenance, and well-being of children beneficiaries, would permit any income to remain accumulated at termination of trust.
1Opinion of the Court
WILLIAM J. MCCORMACK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McCormack v. Commissioner
Docket Nos. 88920, 96054.
United States Board of Tax Appeals
43 B.T.A. 924; 1941 BTA LEXIS 1434;
March 13, 1941, Promulgated
1. TRUST INCOME TAXABLE TO GRANTOR. - Income of short term trust taxable to grantor, following Helvering v. Clifford,309 U.S. 331.
2. GIFT TAX - INCOMPLETE GIFT. - Gift was incomplete until termination of trust where dependent upon beneficiary-donee being alive at termination of trust.
3. Id. - Gift was incomplete until termination of trust where dependent upon whether…
2Cases cited15 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Helvering v. HallockSupreme Court of the United States · 1940
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Klein v. United StatesSupreme Court of the United States · 1931
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