https://www.taxtmi.com/caselaws?id=6700 A trust deed should be read as a whole, and a future interest is treated as vested unless the instrument clearly imposes a condition precedent. The deed here showed an intention to benefit the beneficiary through intermediate income, because the trustees were required to apply net income, or part of it, for his and his wife's benefit, and any surplus accumulation also accrued to him. Clauses referring to a general power of appointment and a gift over to the beneficiary's heirs further indicated postponed enjoyment rather than a mere chance of succession. Such an interest is capable of transfer and valuation, so the corpus interest was liable to wealth-tax valuation. en-us Fri, 05 Nov 1965 00:00:00 +0530 Sun, 01 Feb 2009 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6700 A trust deed should be read as a whole, and a future interest is treated as vested unless the instrument clearly imposes a condition precedent. The deed here showed an intention to benefit the beneficiary through intermediate income, because the trustees were required to apply net income, or part of it, for his and his wife's benefit, and any surplus accumulation also accrued to him. Clauses referring to a general power of appointment and a gift over to the beneficiary's heirs further indicated postponed enjoyment rather than a mere chance of succession. Such an interest is capable of transfer and valuation, so the corpus interest was liable to wealth-tax valuation. Case-Laws Wealth-tax Fri, 05 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6700