Fidelity-Philadelphia Trust Co. v. Commissioner
United States Board of Tax Appeals
In December 1918, decedent created two trusts for the benefit of his two daughters, providing that the income therefrom should be paid to them during their lives, and, upon their respective deaths, the principal or corpus of each trust should be paid over to the decedent, if living, or if he were not living, then to such person or persons as the decedent might by his will direct, limit and appoint.
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In December 1918, decedent created two trusts for the benefit of his two daughters, providing that the income therefrom should be paid to them during their lives, and, upon their respective deaths, the principal or corpus of each trust should be paid over to the decedent, if living, or if he were not living, then to such person or persons as the decedent might by his will direct, limit and appoint. Decedent died in January 1928. Held, the value at decedent's death of the corpus of the trusts is taxable as a part of decedent's gross estate. Klein v. United States,283 U.S. 231.
1Opinion of the Court
OPINION.
Trammell :
This proceeding is for the redetermination of a deficiency in estate tax of $9,395.31. The matters presented for determination are (1) whether any amount is to be included in the taxable estate of decedent as representing the value of certain bonds transferred in trust by the decedent prior to his death, the income from which was to be paid to two of his daughters during their respective lives and upon their respective deaths the entire corpus or principal of such trusts to be paid over to the decedent if living or if he be not living then unto such person or persons as he…
2Cases cited5 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Klein v. United StatesSupreme Court of the United States · 1931
- Simpson v. United StatesSupreme Court of the United States · 1920
- United States v. Farr's Ex'rDistrict Court, E.D. Pennsylvania · 1912
- Dugan v. MilesCourt of Appeals for the Fourth Circuit · 1923
3Cited by2 opinions
- Estate of Raphael A. Casilear v. CommissionerUnited States Tax Court · 1945
- Fidelity-Philadelphia Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933