Johnson v. Commissioner
United States Board of Tax Appeals
Where the decedent, more than two years before her death, transferred, conveyed and delivered real and personal property to her daughter and son, who agreed to pay a stipulated annuity to her for the remainder of her life and to deposit a portion of the property as security for such payments, it is held that the transfer was complete and took effect in possession or enjoyment immediately, and that no part of the property should be included in the decedent's gross estate.
1Opinion of the Court
*414OPINION.
Van Fossan :
More than two years before her death, Sarah L. Johnson transferred to her daughter and son real and personal property of the value of $260,179.17. The children agreed to pay their mother a stipulated amount every month as long as she lived, and to secure such payments they deposited with a. trust company a portion of the personal property transferred to them by their mother. Upon these facts the respondent contends that the transfer of that portion of the property necessary to produce the annuity paid to Mrs. Johnson was intended to take effect in possession or enjoyment…
2Cases cited1 opinion
- Nichols v. CoolidgeSupreme Court of the United States · 1927
3Cited by6 opinions
- Cain v. Comm'rUnited States Tax Court · 1961
- Lazarus v. CommissionerCourt of Appeals for the Ninth Circuit · 1975
- Cain v. Comm'rUnited States Tax Court · 1961
- Clise v. CommissionerUnited States Board of Tax Appeals · 1940
- Johnson v. CommissionerUnited States Board of Tax Appeals · 1928
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