Angevine v. Commissioner of Corporations & Taxation

Under our inheritance tax laws, a life estate created by will is subject to tax as of the date of the testator’s death, but the tax on the remainder is postponed until after the right of possession accrues and is assessed on the value of the interest coming to the beneficiary “at the time when he becomes entitled to the same in possession or enjoyment.” G. L. c. 65, §§ 7, 13. In the present case the life beneficiary of a trust has unlimited power to invade principal, and the Commissioner of Corporations and Taxation (commissioner) contends that this amounts to full ownership of the trust…