[Download] "Commissioner of Internal Revenue v. Porter." by Fifth Circuit Circuit Court Of Appeals # Book PDF Kindle ePub Free
eBook details
- Title: Commissioner of Internal Revenue v. Porter.
- Author : Fifth Circuit Circuit Court Of Appeals
- Release Date : January 11, 1945
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 61 KB
Description
Taxpayers, married women living in Texas, are beneficiaries during their lives of trusts of personal property, stocks and bonds, established by their father, a citizen of New York, and there administered. In the tax years in question, they returned, as community income, dividends and interest which had been distributed to them by the trustees. The commissioner, insisting that the trusts were created for their separate use and benefit and that the income was therefore separate, rejected the returns, assessed the income as separate, and determined deficiencies accordingly. The Tax Court, in its turn, easily rejecting the commissioners view, determined no deficiency. The commissioner is here insisting that under New York law, which controls their construction, the trusts are spendthrift trusts, trusts which give the trustee the right to collect income and direct him only in respect to paying it over, and that the income must be considered as coming to them directly by gift and not as income derived from their separate property.