Wallace v. Commissioner
United States Board of Tax Appeals
In 1920, the decedent transferred certain property to a trustee, to pay the income thereof to her during her life and upon her death to pay the corpus of the trust over to her daughter, "if she be living"; in the event the daughter predeceased the grantor, the property reverted to the grantor.
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In 1920, the decedent transferred certain property to a trustee, to pay the income thereof to her during her life and upon her death to pay the corpus of the trust over to her daughter, "if she be living"; in the event the daughter predeceased the grantor, the property reverted to the grantor. Held, under New York law the daughter took a vested remainder by the execution of the trust instrument in 1920. Held, further, the death of the grantor in 1928 was not the generating source of definite accessions to the property rights of the survivor and there was no transfer of property from the dead…
1Opinion of the Court
*904OPINION.
Smith :
The sole issue presented by these proceedings is whether the value of the trust fund is to be included in the decedent grantor’s gross estate under section 302 of the Revenue Act of 1926 which, in so far as material hereto, is as follows:
The value of the gross estate of the decedent shall be determined by including the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated—
■c- * * * * * *(c) To the extent of any interest therein of which the decedent has at any time made a transfer, by trust or otherwise, in contemplation of…
2Cases cited26 opinions
- Knowlton v. MooreSupreme Court of the United States · 1900
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Tyler v. United StatesSupreme Court of the United States · 1930
21 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Helmholz v. CommissionerUnited States Board of Tax Appeals · 1933
- Raegner v. CommissionerUnited States Board of Tax Appeals · 1934
- Bonney v. CommissionerUnited States Board of Tax Appeals · 1933
- Fidelity Union Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Bonney v. CommissionerUnited States Board of Tax Appeals · 1933
13 more not listed; retrieve them via the Exa API.