Tully v. Commissioner
United States Tax Court
Petitioner created two trusts in 1959 providing for the income to be paid to specifically named individuals for their lives and, should they predecease petitioner, for her life, and upon the death of the survivor, that the trustee shall pay the principal to such charity meeting the limitations of sec. 170(b)(1)(A) as petitioner by her will may appoint, and to the extent her power of appointment has not been effectively exercised, the trustees shall pay the principal in equal…
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Petitioner created two trusts in 1959 providing for the income to be paid to specifically named individuals for their lives and, should they predecease petitioner, for her life, and upon the death of the survivor, that the trustee shall pay the principal to such charity meeting the limitations of sec. 170(b)(1)(A) as petitioner by her will may appoint, and to the extent her power of appointment has not been effectively exercised, the trustees shall pay the principal in equal shares to Harvard College and the University of Pennsylvania. Held, petitioner is entitled to include in her…
1Opinion of the Court
Scott, Judge:
Respondent determined a deficiency in petitioner’s income tax for the calendar year 1959 in the amount of $16,061.90.
The issue for decision is whether the value of remainder interests in two irrevocable trusts executed by petitioner in 1959 constituted charitable contributions in that year to organizations described in section 170(b) (1) (A) of the Internal Eevenne Code of 1954.1
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly.
Petitioner is an individual who resided in New York, N.Y., at the date of the filing of the petition in this case. Her…
2Cases cited7 opinions
- In Re the Appraisal Under the Transfer Tax Act of a Certain Trust Fund Held by HarbeckNew York Court of Appeals · 1900
- Danz v. CommissionerUnited States Tax Court · 1952
- The John Danz Charitable Trust v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1956
- Denver & R. G. W. R. Co. v. CommissionerUnited States Tax Court · 1962
- O'Brien v. CommissionerUnited States Tax Court · 1966
2 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Edgar v. CommissionerUnited States Tax Court · 1971
- Rockefeller v. CommissionerUnited States Tax Court · 1981
- James v. CommissionerUnited States Tax Court · 1974
- Edgar v. CommissionerUnited States Tax Court · 1971
- James v. CommissionerUnited States Tax Court · 1974
2 more not listed; retrieve them via the Exa API.