Guaranty Trust Co. v. Commissioner
United States Board of Tax Appeals
1. The decedent herein died in August, 1921. The Revenue Act of 1921 was approved on November 23, 1921, and the estate-tax provisions thereof became effective on that day.
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1. The decedent herein died in August, 1921. The Revenue Act of 1921 was approved on November 23, 1921, and the estate-tax provisions thereof became effective on that day. Held that the estate tax imposed by the Revenue Act of 1918 accrued on the death of the decedent, and that that Act remains in force for the assessment and collection of such tax. 2. The present worth, or commuted value at the date of the decedent's death, of the refund annuity contracts involved herein, held to constitute a part of her gross estate subject to the estate tax under the Revenue Act of 1918.
1Opinion of the Court
*317OPINION.
Marquette:
On the threshold of this proceeding we are confronted with the basic question of whether there is now, as a matter of law, any liability on the part of the decedent’s estate for estate tax. The petitioner admits that the Revenue Act of 1918 was in full force and effect at the date of the death of Roxy M. Smith, and that it imposed a tax on the transfer of her net estate, but it contends that the liability so imposed was extinguished when the Revenue Act of 1918 was repealed by the Revenue Act of 1921. In support of this contention the petitioner cites the case of Wilmington…
2Cases cited17 opinions
- Knowlton v. MooreSupreme Court of the United States · 1900
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- New York Trust Co. v. EisnerSupreme Court of the United States · 1921
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- United States v. RobbinsSupreme Court of the United States · 1926
12 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Estate of Montgomery v. Comm'rUnited States Tax Court · 1971
- Chemical Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Estate of Montgomery v. Comm'rUnited States Tax Court · 1971
- Guaranty Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1929
- Gulf Oil Corp. v. CommissionerUnited States Tax Court · 1987
3 more not listed; retrieve them via the Exa API.