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HELVERING v. CLIFFORD

No. 383.

309 U.S. 331 (1940)

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. CLIFFORD.

Supreme Court of United States.

Decided February 26, 1940.

Attorney(s) appearing for the Case

Mr. Warner W. Gardner, with whom Solicitor General Jackson, Assistant Attorney General Clark, and Messrs. Sewall Key, L.W. Post, and Richard H. Demuth were on the brief, for petitioner.

Mr. Thomas P. Helmey, with whom Mr. F.H. Stinchfield was on the brief, for respondent.

MR. JUSTICE DOUGLAS delivered the opinion of the Court.

In 1934 respondent declared himself trustee of certain securities which he owned. All net income from the trust was to be held for the "exclusive benefit" of respondent's wife. The trust was for a term of five years, except that it would terminate earlier on the death of either respondent or his wife. On termination of the trust the entire corpus was to go to respondent, while all "accrued or undistributed net...

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