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LEDERER V. STOCKTON, 260 U. S. 3 (1922)

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U.S. Supreme Court

Lederer v. Stockton, 260 U.S. 3 (1922)

Lederer v. Stockton

No. 16

Argued October 5, 1922

Decided October 16, 1922

260 U.S. 3

Syllabus

The Income Tax Law of 1916, §§ 2(b) and 11(a), taxes income from trust estates, but exempts income received by any corporation organized and operated exclusively for charitable purposes no part of the net income of which inures to the benefit of any private stockholder or individual. Where a fund was held by a testamentary trustee to pay an annuity and, upon the annuitant's death to transfer the fund and accumulated interest to a hospital corporation, and the trustee lent the money to the hospital upon mortgage security receiving back only interest sufficient to satisfy his administrative charges and the annuity, held that the remaining income, retained by the hospital, was not taxable. P. 260 U. S. 8.

266 F.6d 6 affirmed.

Certiorari to a judgment of the circuit court of appeals affirming a judgment recovered by the respondent Stockton in an action to recover back money paid by him as income taxes. chanroblesvirtualawlibrary

Page 260 U. S. 6





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