United States Tax Court December 6, 1950, Docket Nos. 17013, 17014 (Peck v. Commissioner)

lead-opinion

OPINION.

Rice, Judge:

There is no dispute about the amount of taxable income derived from the Travelers’ annuity contracts. The dispute is whether the guardianship or the “trust” estates are taxable thereon. Respondent determined that this income is taxable to the guardians of the incompetents upon the theory that George H. Peck did not intend to nor did he create a valid trust.