Lambert Tree Trust Estate v. Commissioner
United States Tax Court
Trust-petitioner is a trust created under the residuary clause of the will of Lambert Tree, who died in 1910. Under said clause stated percentages of "net income" are to be retained in the trust in an Improvement Fund. Apart from this retention, the "net income" is payable to individual husband-petitioner (Ronald) for life (after a small annuity to a third party). The trust is to terminate on Ronald's death.
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Trust-petitioner is a trust created under the residuary clause of the will of Lambert Tree, who died in 1910. Under said clause stated percentages of "net income" are to be retained in the trust in an Improvement Fund. Apart from this retention, the "net income" is payable to individual husband-petitioner (Ronald) for life (after a small annuity to a third party). The trust is to terminate on Ronald's death. At termination one-half of the trust estate (at its then size) goes to a charitable organization contributions to which are deductible under section 170, I.R.C. 1954. The other one-half…
1Opinion of the Court
Forrester, Judge:
Respondent has determined the following deficiencies in income tax:
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The issues remaining for our determination are: (1) Whether a prior adjudication by the Court of Claims relative to the proper depreciation deduction by the trust-petitioner is operative to bar respondent from litigation here under the doctrine of collateral estop-pel; if not, whether the trustee set aside too much “income” for charity by failing to deduct depreciation in determining the amount to be set aside; (2) tbe proper allocation of the allowable depreciation deduction between the trust…
2Cases cited30 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Helvering v. HallockSupreme Court of the United States · 1940
- Freuler v. HelveringSupreme Court of the United States · 1934
- Tait v. Western Maryland Railway Co.Supreme Court of the United States · 1933
- John Kelley Co. v. CommissionerSupreme Court of the United States · 1946
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3Cited by3 opinions
- Raymond J. Dusek and Velma W. Dusek v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1967
- Harris Trust & Savings Bank v. MacLeodAppellate Court of Illinois · 1972
- Lambert Tree Trust Estate v. CommissionerUnited States Tax Court · 1962