Wills, Trusts & Estates keyed to Dobris
Brainard v. Commissioner
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- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
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Brainard orally declared before his wife and mother a trust of the future profit of stock trade. The beneficiaries were Brainard’s wife, mother, and two minor children. After the stock was traded, Brainard deducted his compensation as trustee and declared it as income on his income 1928 tax return. The remaining profits were divided into equal shares and credited on his books to the trusts of the four beneficiaries. The beneficiaries reported the profits on their respective 1928 income tax returns.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
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