Massachusetts Supreme Judicial Court February 13, 1985 (Commissioner of Revenue v. Plymouth Home National Bank)

Wilkins, J.

We agree with the Appellate Tax Board (board) that distributions paid to beneficiaries by a trustee, which is a regulated investment company under § 851 of the Internal Revenue Code, and consisting exclusively of the net proceeds of short-term United States government securities are not to be included in the beneficiaries’ Massachusetts gross income, *67as defined in G. L. c.