Estate of Gooel v. Commissioner
United States Tax Court
Under the terms of decedent's will, his surviving spouse W was entitled to the net income from a testamentary trust, but, if such income was less than a specified amount, the trustee was directed to invade corpus so that the net income plus corpus equaled the specified amount. The corpus of the trust remaining at W's death was to go to certain charitable organizations.
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Under the terms of decedent's will, his surviving spouse W was entitled to the net income from a testamentary trust, but, if such income was less than a specified amount, the trustee was directed to invade corpus so that the net income plus corpus equaled the specified amount. The corpus of the trust remaining at W's death was to go to certain charitable organizations. Held, 3.5-percent net rate of return on corpus permitted by regulations not shown to be at variance with the facts. Held, further, probability that entire corpus would be invaded for W's benefit not so remote as to be…
1Opinion of the Court
Estate of Elmer F. Gooel, Deceased, Frances Gooel, Executrix, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Gooel v. Commissioner
Docket No. 8390-74
United States Tax Court
68 T.C. 504; 1977 U.S. Tax Ct. LEXIS 83;
July 18, 1977, Filed
Decision will be entered under Rule 155.
Under the terms of decedent's will, his surviving spouse W was entitled to the net income from a testamentary trust, but, if such income was less than a specified amount, the trustee was directed to invade corpus so that the net income plus corpus equaled the specified amount. The corpus of the trust…
2Cases cited30 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Henslee v. Union Planters National Bank & Trust Co.Supreme Court of the United States · 1949
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- Goodell v. KochSupreme Court of the United States · 1930
- Estate of Christ v. Comm'rUnited States Tax Court · 1970
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