Gary D. Myers - Page 3

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               Respondent determined a deficiency in petitioner’s Federal             
          income tax for the taxable year 2001 in the amount of $2,402.               
               The issue for decision by the Court is whether petitioner is           
          required to report on his individual income tax return income               
          that was required to be distributed to him as the sole                      
          beneficiary of a simple trust.                                              
               Whether petitioner is entitled to an earned income credit is           
          a mechanical matter, the resolution of which is dependent solely            
          on our disposition of the aforementioned trust issue.                       
               None of the facts have been stipulated.                                
               At the time that the petition was filed, petitioner resided            
          in the State of Colorado.                                                   
               Petitioner was born in November 1952.  His mother was Ruth             
          Irene Myers (hereinafter, either Mrs. Myers or petitioner’s                 
               In September 1990, Mrs. Myers created the Ruth Irene Myers             
          Trust.  Mrs. Myers retained the right to alter, amend, and revoke           
          the trust during her lifetime.  She also retained the right to              
          dispose of the net income and principal of the trust in such                
          manner as she might direct from time to time; however, unless               
          otherwise directed by her, the net income was payable to her at             
          least quarterly.  Mrs. Myers named herself and her husband, Carl            
          Alden Myers, as trustees.                                                   

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Last modified: May 25, 2011