Fidelity Union Trust Co. v. Commissioner
United States Board of Tax Appeals
Petitioners' decedent transferred property in trust in 1923 to pay the income therefrom to him for life and upon his death to distribute part of the corpus to his two children and add the balance to other trusts previously created for the benefit of the children. In the event of the children predeceasing the grantor the property was to go to his executor or administrator for distribution.
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Petitioners' decedent transferred property in trust in 1923 to pay the income therefrom to him for life and upon his death to distribute part of the corpus to his two children and add the balance to other trusts previously created for the benefit of the children. In the event of the children predeceasing the grantor the property was to go to his executor or administrator for distribution. Both children survived the grantor, who died February 25, 1931. Held, that the children took vested interests under the trust deed and that upon the death of the grantor there was no transfer subject to…
1Opinion of the Court
OPINION.
Arundell:
The respondent has included in decedent’s estate the value of trust property, the transfer of which he has held was one to take effect at death, and thereby determined a deficiency in estate tax in the amount of $847.83. This inclusion is alleged as error. There is no issue as to the value of the property. The facts were stipulated.
By instrument of December 4, 1923, set forth in full in the stipulation, the decedent transferred certain securities to the Fidelity Union Trust Co. of Newark, New Jersey, in trust to pay the income to him for life, and upon his death to pay from…
2Cases cited2 opinions
- Cyrus H. McCormick v. David BurnetSupreme Court of the United States · 1931
- Wallace v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by1 opinion
- Fidelity Union Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934