Estate of Frothingham v. Commissioner
United States Tax Court
Held, the "adequate and full consideration" clause in sec. 2043 (a) of the 1954 Code comprehends only consideration received by a decedent in connection with property otherwise includable in his gross estate under secs. 2035-2038 or 2041. In a case where a decedent has given consideration to acquire a general power of appointment, but has received no consideration for the exercise or relinquishment thereof, sec. 2041(a) thus remains operative to require the inclusion of the…
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Held, the "adequate and full consideration" clause in sec. 2043 (a) of the 1954 Code comprehends only consideration received by a decedent in connection with property otherwise includable in his gross estate under secs. 2035-2038 or 2041. In a case where a decedent has given consideration to acquire a general power of appointment, but has received no consideration for the exercise or relinquishment thereof, sec. 2041(a) thus remains operative to require the inclusion of the property subject to the power in the decedent's gross estate.
1Opinion of the Court
The Commissioner determined a $103,046.62 deficiency in the estate tax of the Estate of C(harles) Mifflin Frothingham. As part of a compromise of a will contest the decedent acquired a general power of appointment in respect of a property interest valued at $856,330.01 as of the date of his own death. He exercised that power by will without receiving any consideration, and the property subject to it was includable in his gross estate under section 2041 of the 1954 Code, unless rendered nontaxable by section 2043(a). The principal issue is whether section 2043(a) is applicable by reason of…
2Cases cited13 opinions
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- White v. United StatesSupreme Court of the United States · 1938
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Merrill v. FahsSupreme Court of the United States · 1945
- Taft v. CommissionerSupreme Court of the United States · 1938
8 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Estate of Bongard v. Comm'rUnited States Tax Court · 2005
- Estate of Rose D'ambrosio, Deceased, Vita D'Ambrosio v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Third Circuit · 1996
- Estate of D'Ambrosio v. CommissionerUnited States Tax Court · 1995
- Estate of Reilly v. CommissionerUnited States Tax Court · 1981
- Abeid v. Comm'rUnited States Tax Court · 2004
23 more not listed; retrieve them via the Exa API.