(Download) "Commissioner of Internal Revenue v. Goulder." by United States Court Of Appeals For The Sixth Circuit * Book PDF Kindle ePub Free
eBook details
- Title: Commissioner of Internal Revenue v. Goulder.
- Author : United States Court Of Appeals For The Sixth Circuit
- Release Date : January 02, 1941
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
Respondent, Herbert G. Goulder, was the owner of 5,000 shares of the common capital stock of the Federal Knitting Mills Company. On October 1, 1934, he executed a trust instrument transferring the entire 5,000 shares to himself as trustee for the benefit of his wife, Edna G. Goulder, and caused the corporation to so transfer the shares on its book. The preamble to the declaration of trust provided the settlor was desirous of making provision for the maintenance, support and welfare of his wife, Edna G. Goulder. This clause was subsequently amended by the settlor and his wife so that no part of the trust income was to be used for her support or maintenance. The agreement provided the trustee was to hold the original corpus, together with additions thereto by the settlor or otherwise, in trust for enumerated uses and purposes. The trust was to terminate on the first occurrence of any one of four events: (1) September 30, 1939; (2) death of the settlor; (3) death of the beneficiary during the life of the settlor; (4) joint declaration in writing of the settlor and principal beneficiary dircting termination. The income, including capital gains, accruing to the trust was distributable to the beneficiary at the trustees discretion, or if retained until the termination of the trust, to be distributed (a) to the beneficiary, if living; (b) if dead, to the settlor and beneficiarys sons per stirpes; (c) if they or their lineal descendants were dead, as the beneficiary should, by her will appoint, or in default of appointment, to her heirs.
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