Irish v. Commissioner
United States Board of Tax Appeals
Petitioner, a resident of Pennsylvania, created a trust, reserving the income for life with remainders over. In 1935 and 1936 the trustees sold trust securities, realizing capital gains. Under the laws of Pennsylvania gains on the sale of shares of stock by a trustee are apportioned between the beneficiary and the remainderman (corpus), the beneficiary being entitled to the portion attributable to accumulated earnings and the balance going to corpus.
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Petitioner, a resident of Pennsylvania, created a trust, reserving the income for life with remainders over. In 1935 and 1936 the trustees sold trust securities, realizing capital gains. Under the laws of Pennsylvania gains on the sale of shares of stock by a trustee are apportioned between the beneficiary and the remainderman (corpus), the beneficiary being entitled to the portion attributable to accumulated earnings and the balance going to corpus. Held, that in the absence of evidence as to what trust securities were sold and as to what the gains on the sales were attributable, the…
1Opinion of the Court
OPINION.
Smith :
This is a proceeding for the redetermination of deficiencies in income tax for the years 1935 and 1936 of $193.16 and $1,140.52, respectively. The petitioner alleges that the respondent erred in including in his gross income the capital gains of a trust created by the petitioner1 on June 29, 1935, of which trust the petitioner was entitled to receive the income for life.
All of the facts in the case are covered in a written stipulation of facts, which is incorporated herein by reference.
Petitioner has his residence at Green Hill Farms, Overbrook, Pennsylvania. He filed his…
2Cases cited3 opinions
- Freuler v. HelveringSupreme Court of the United States · 1934
- Nirdlinger's EstateSupreme Court of Pennsylvania · 1927
- Waterhouse's EstateSupreme Court of Pennsylvania · 1932
3Cited by8 opinions
- Estate of Mandels v. CommissionerUnited States Tax Court · 1975
- Irish v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1942
- Millsaps v. CommissionerUnited States Tax Court · 1973
- Wadewitz v. CommissionerUnited States Tax Court · 1959
- Estate of Mandels v. CommissionerUnited States Tax Court · 1975
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