Boston Safe Deposit & Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Where annuities are payable from income or, if necessary, from the corpus of a trust fund created by a will and are thus a charge on the corpus and not taxable to the annuitants as income, such annuities are not allowable deductions from the income of the estate. 2. The evidence does not establish that any of the income of the trust was "permanently set aside" for certain possible ultimate charitable beneficiaries. 3. A finding of the Board in an estate-tax case of the…
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1. Where annuities are payable from income or, if necessary, from the corpus of a trust fund created by a will and are thus a charge on the corpus and not taxable to the annuitants as income, such annuities are not allowable deductions from the income of the estate. 2. The evidence does not establish that any of the income of the trust was "permanently set aside" for certain possible ultimate charitable beneficiaries. 3. A finding of the Board in an estate-tax case of the portion of the estate that will ultimately go to charity is not conclusive in an income-tax case involving wholly…
1Opinion of the Court
BOSTON SAFE DEPOSIT AND TRUST COMPANY AND EVERETT E. KENT, SURVIVING EXECUTORS OF THE ESTATE OF HERBERT A. WILDER, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Boston Safe Deposit & Trust Co. v. Commissioner
Docket Nos. 48149, 57430.
United States Board of Tax Appeals
26 B.T.A. 486; 1932 BTA LEXIS 1302;
June 21, 1932, Promulgated
1. Where annuities are payable from income or, if necessary, from the corpus of a trust fund created by a will and are thus a charge on the corpus and not taxable to the annuitants as income, such annuities are not allowable deductions from the income of…
2Cases cited1 opinion
- Boston Safe Deposit & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1932