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COMMISSIONER OF REVENUE v. PLYMOUTH HOME NATIONAL BANK

394 Mass. 66 (1985)

473 N.E.2d 1139

COMMISSIONER OF REVENUE vs. PLYMOUTH HOME NATIONAL BANK, trustee, (and two companion cases).

Supreme Judicial Court of Massachusetts, Suffolk.

February 13, 1985.

Attorney(s) appearing for the Case

Leonard G. Learner, Assistant Attorney General, for the Commissioner of Revenue.

Calvin H. Bowker (Carol R. Cohen with him) for Plymouth Home National Bank.

John R. Grumbacher & Mitchell H. Kaplan, for Moseley, Hallgarten, Estabrook & Weeden, Inc., amicus curiae, submitted a brief.

Present: HENNESSEY, C.J., WILKINS, LIACOS, ABRAMS, & LYNCH, JJ.

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, as defined in G.L.c. 62, § 2 (a). We, therefore...

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