Day v. Commissioner
United States Board of Tax Appeals
1. Subsequent to the enactment of the Revenue Act of 1926 the decedent executed five certain trust indentures, reserving to himself the power to alter, amend, or revoke, with the concurrence of the beneficiary, the trusts therein contained.
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1. Subsequent to the enactment of the Revenue Act of 1926 the decedent executed five certain trust indentures, reserving to himself the power to alter, amend, or revoke, with the concurrence of the beneficiary, the trusts therein contained. Held, such power remained in the decedent until his death and the value of the property transferred, at the time of his death, is includable in the decedent's gross estate under the provisions of section 302(d) of the Revenue Act of 1926. Held, further, that the power to alter, revoke, or change the trusts was not exhausted with respect to two of the…
1Opinion of the Court
MARGARET DAY, CHARLES CORSON DAY, WILLIAM L. DAY, AND FIDELITY-PHILADELPHIA TRUST COMPANY, EXECUTORS U/W CHARLES DAY, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Day v. Commissioner
Docket No. 75103.
United States Board of Tax Appeals
34 B.T.A. 11; 1936 BTA LEXIS 763;
March 4, 1936, Promulgated
1. Subsequent to the enactment of the Revenue Act of 1926 the decedent executed five certain trust indentures, reserving to himself the power to alter, amend, or revoke, with the concurrence of the beneficiary, the trusts therein contained. Held, such power remained in the decedent…
2Cases cited3 opinions
- Wade v. CommissionerUnited States Board of Tax Appeals · 1930
- Taft v. CommissionerUnited States Board of Tax Appeals · 1935
- Day v. CommissionerUnited States Board of Tax Appeals · 1936