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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.
Background
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
mother).
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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