Swanson v. Commissioner - 296 U.S. 362 (1935)
U.S. Supreme Court
Swanson v. Commissioner, 296 U.S. 362 (1935)
Swanson v. Commissioner of Internal Revenue
Argued November 21, 22, 1935
Decided December 16, 1935
296 U.S. 362
1. A trust formed by the owners of an apartment house under an agreement conveying title to trustees and providing complete power in them to manage, control, sell, etc.; with shares of beneficiaries represented by transferable "receipts," to be registered; with limited liability and succession and continuity during the trust period, held taxable as an "association," under the Revenue Act of 1926. Morrissey v. Commissioner, ante p. 296 U. S. 344. P. 296 U. S. 363.
2. The limited number of actual beneficiaries and the fact that the operations did not extend beyond the real property first acquired did not alter the nature and purpose of the common undertaking. P. 296 U. S. 365.
76 F.2d 651 affirmed.
Certiorari to review the affirmance of a decision of the Board of Tax Appeals which sustained a tax assessed on the income of a trust as an association.