Court Opinion

ID: 9637090
Source: CourtListenerOpinion
Date Created: 2023-08-22 14:56:24.313524+00
Date Added: 2024-06-11T18:09:53.247738
License: Public Domain

MORTON, Circuit Judge
(concurring).
When persons associate themselves together under an agreement whereby transferable shares are issued to the beneficial owners, and the management of the property or enterprise is left to trustees whose powers are defined in the instrument establishing the trust, it seems to me that an “association” within the meaning of the tax statutes has been formed. The commercial management of property, whether real or personal, for income or profit, seems to me engaging in business. These views were, however, on the most careful consideration, disapproved by this court in Gardiner v. United States, 49 F.(2d) 992, which covers the present case. For this reason I concur in the result.