Estate of Tomec v. Commissioner
United States Tax Court
Decedent created an inter vivos trust providing for payment of $ 2,500 income to each of her four children and the balance to herself during her lifetime and upon her death the division of the corpus into trusts for the four children, or if her husband was living and at that time they were living together as husband and wife, into trusts for her children and husband.
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Decedent created an inter vivos trust providing for payment of $ 2,500 income to each of her four children and the balance to herself during her lifetime and upon her death the division of the corpus into trusts for the four children, or if her husband was living and at that time they were living together as husband and wife, into trusts for her children and husband. The agreement provided that in the event one of decedent's children predeceased her leaving issue, the trustees in their absolute discretion might apply the $ 2,500 of such deceased child for the benefit of such deceased child's…
1Opinion of the Court
OPINION
Scott, Judge:
Respondent determined a deficiency in estate tax in the amount of $72,268.88.
The issues for decision are:(1) Whether the value of the securities comprising the entire principal of a trust created on June 17, 1955, is includable in the gross estate of Mary Fownes Tornee, deceased, for Federal estate tax purposes under the provisions of section 2086(a) (1) of the Internal Revenue Code of 1954; and if not, what portion of the value of such securities is includable in the gross estate.(2) If the value of the securities comprising the entire principal of the trust is includable…
2Cases cited11 opinions
- Estate of Daniel McNichol Deceased, Ellen McNichol Evangelista and Joseph G. McNichol Executors v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- Industrial Trust Co. v. Commissioner of Internal Rev.Court of Appeals for the First Circuit · 1947
- Estate of Florence B. Moreno, Deceased, Harriet Moreno Bischoff and St. Louis Union Trust Company, Executors v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1958
- Commissioner of Internal Revenue v. Nathan's EstateCourt of Appeals for the Seventh Circuit · 1947
- Hohensee v. CommissionerUnited States Tax Court · 1956
6 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Glen v. CommissionerUnited States Tax Court · 1966
- Pardee v. CommissionerUnited States Tax Court · 1967
- In Re Estate of Fannie Bomash, Deceased. Julian Bomash, Administrator v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1970
- Bomash v. CommissionerUnited States Tax Court · 1968
- Bomash v. CommissionerUnited States Tax Court · 1968
4 more not listed; retrieve them via the Exa API.