This proceeding involves income tax deficiencies for 1940 and 1941 in the respective amounts of $1,562.34 and $2,526.81. The only question in issue is whether petitioner is taxable on the income from certain trusts which he created for the benefit of his wife and children. The respondent has determined that this income is taxable to petitioner because it was applied to the payment of premiums on policies of insurance on his life.
The facts are stipulated.
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.