FEDERAL TAXATION OF SETTLORS OF TRUSTS

In the Revenue Act of 1924 there simultaneously appeared three new provisions. By Section 219(g) the income of trusts revocable by the grantor, either alone or in conjunction with any person not a beneficiary, of the trust, was specifically required to be taxed to the grantor as his income. By Section 302(d) there was required to be included in the gross estate of a deceased grantor the value at his death of any property previously given by him in trust, where the enjoyment of such property remained subject to change through the exercise by the grantor, either alone or in conjunction with any other person, of the power to alter, amend or revoke. Section 319 imposed a gift tax (which remained in effect through 1924 and 1925) upon the transfer by gift of any property, directly or indirectly

Note and Comment

Estates in Fee Tail - Quite generally estates in fee tail under the STATUTE DE DONIS were recognized by the states as a part of the common law. Statutory provisions in the way of modification and abolishment of such estates, however, are very common. The nature and scope of the statutory provisions have varied. See the states classified according to the character of the legislation in BREWSTER, CONVEYANCING, § § 142, 143

FEDERAL TAXATION OF SETTLORS OF TRUSTS

In the Revenue Act of 1924 there simultaneously appeared three new provisions. By Section 219(g) the income of trusts revocable by the grantor, either alone or in conjunction with any person not a beneficiary, of the trust, was specifically required to be taxed to the grantor as his income. By Section 302(d) there was required to be included in the gross estate of a deceased grantor the value at his death of any property previously given by him in trust, where the enjoyment of such property remained subject to change through the exercise by the grantor, either alone or in conjunction with any other person, of the power to alter, amend or revoke. Section 319 imposed a gift tax (which remained in effect through 1924 and 1925) upon the transfer by gift of any property, directly or indirectly

Note and Comment

Dean Pound Harvard has honored itself in the appointment of Roscoe POUND to the deanship of its law schoo

Note and Comment

Attempt, Assault, and Assault with Intent - The case of State v. Lewis, decided in October, 1915, by the Supreme Court of Iowa, has an interesting bearing upon the law of assault and of criminal attempts. Two men, Tropp and Cox, observed a third, Dunlevy, asleep on a cot with a pocketbook under his pillow. Tropp armed himself with a leather sap and a loaded revolver and moved quietly to the head of the cot, when Dunlevy, feeling the presence of some one in the room, sprang to his feet. Tropp fled from the room with Dunlevy after him, but fell before making his escape. Dunlevy undertook to secure him, but Cox came up from behind with a lead pipe and struck Dunlevy over the head. Tropp and Dunlevy both testified that Tropp did not speak to or touch Dunlevy, but Tropp stated that he made a movement under the pillow. Tropp pleaded guilty to a charge of assault with intent to commit robbery, but one Lewis, who was charged with aiding and abetting in this same crime, contended that there was no evidence that Tropp had committed an assault with intent to rob

Worldwide Photometry of the January 1989 τ Persei Eclipse

We present new UBV photoelectric photometry of τ Persei obtained at 19 different observatories during its recent January 1989 eclipse. Mideclipse occurred at JD 2 447 542.31 ± 0d.01. The resulting light curve, though not complete at all phases, is solved for the elements with the help of two quantities derived from spectroscopy: the eclipse is 84% total at mideclipse and the ratio of the radii is 0.135 ± 0.01. Radii relative to the semimajor axis are 0.0236 for the G5 giant and 0.0032 for the A2 star. With a reasonable total mass assumed, the absolute radii say the A2 star could be luminosity class V or somewhat evolved and the G5 star is between III and II but could be closer to II. The G5 giant is brighter than the A2 star by 1m.72 in V and the color excess in B - V is 0m.06, both quantities consistent (within uncertainties) with earlier estimates of Ake. The eclipse duration, from first to fourth contact, is 2d.09. The orbital inclination is 88○.74, consistent with what McAlister derived from speckle interferometry. Because of the large (e = 0.73) eccentricity, there is no secondary eclipse at all