Estate of Wood v. Commissioner
United States Tax Court
Decedent provided for establishment of a testamentary trust out of the residue of her estate with assets approximating $ 300,000, to pay the income to a 69-year old brother-in-law for life and, upon the death of the brother-in-law, to distribute one-sixth of the corpus to each of two named charities.
Read the full summary
Decedent provided for establishment of a testamentary trust out of the residue of her estate with assets approximating $ 300,000, to pay the income to a 69-year old brother-in-law for life and, upon the death of the brother-in-law, to distribute one-sixth of the corpus to each of two named charities. By the terms of the trust instrument the trustee was authorized to pay to the brother-in-law so much of the principal as the trustee should "in its absolute discretion deem necessary or advisable in order to provide for * * * [his] support, maintenance, welfare and comfort". Held, the trust…
1Opinion of the Court
Estate of Mary Cotton Wood, Morgan Guaranty Trust Company of New York (Formerly Guaranty Trust Company of New York), Executor, Petitioner, v. Commissioner of Internal Revenue, Respondent
Estate of Wood v. Commissioner
Docket No. 89846
United States Tax Court
39 T.C. 919; 1963 U.S. Tax Ct. LEXIS 180;
March 19, 1963, Filed
Decision will be entered under Rule 50.
Decedent provided for establishment of a testamentary trust out of the residue of her estate with assets approximating $ 300,000, to pay the income to a 69-year old brother-in-law for life and, upon the death of the brother-in-law, to…
2Cases cited13 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Henslee v. Union Planters National Bank & Trust Co.Supreme Court of the United States · 1949
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- Blodget v. Delaney, CollectorCourt of Appeals for the First Circuit · 1953
- Hartford-Connecticut Trust Co. v. EatonCourt of Appeals for the Second Circuit · 1929
8 more not listed; retrieve them via the Exa API.