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Excerpt from Cumulative Bulletin Income Tax Rulings, 1921 The rulings are grouped under the sections of the Revenue Act of 1918 and the articles of Regulations 45 to which they relate. The number and the class of each ruling are indicated by numerals and abbreviations. For example, 36 - 20 - 1189; Sol. Op. 60, means Solici tor's Opinion 60 which is ruling 1189 and was first published in Bulletin 36 of the 1920 income tax bulletin service. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1921 edition. Excerpt: ...dependent upon the provisions of the will of B, it may be pointed out in the first instance that the instrument is, by its own terms, declared irrevocable. In the second place, even if the will was revoked (wlilch it was not) and became ineffective as a will, it was incorporated and made a part of the trust disposition by reference, for the purpose of providing for the distribution of the trust fund and the designation of the beneficiaries. When the precise nature of the trust and the particular persons who are to take as cestuis que trust, and their interest in the trust can be ascertained the trust will be executed. Perry, Trusts, sec. 83; Loring v. Palmer, 118 U. S. 321. It is concluded, therefore, that the trust instrument was irrevocable and effective to convey the property according to its terms. The effect of the delivery oi'. the trust property to the trustees was to vest title in the beneficiaries immediately. In re Soulards Estate, 141 Mo. 642, 43 S. W. 617, 622. The beneficiaries were, therefore, entitled immediately upon the death of B to the trust property, and it at no time constituted a part of B's estate. The Probate Court took this view of it. While the former trustees continued to act for a time in a quasi fiduciary capacity with respect to the trust property, they were not entitled, as such, either to the corpus of the trust property or to the income therefrom. The income from such property was the income of the beneficiaries and was taxable (if taxable at all) directly to them. Return should. therefore, be made by the former trustees on Form 1041 (Regulations 45, article 421), taking as a deduction all amounts paid to or permanently sei: aside during the taxable year for the named" institutions, all...

This bulletin presents announcements of official rulings and procedures, treasury decisions, executive orders, tax conventions, legislation, and court decisions. It also contains other items of general interest intended to promote a uniform application of the tax laws.