Legal Opinion
Estate of Rexford H. Foster, Deceased, Margaret Foster v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided January 16, 1984No. 33, Docket 83-4068PublishedCited by 2 opinions
1Opinion of the Court
OAKES, Circuit Judge:
This appeal raises anew the question whether a bequest to a surviving spouse of property for her lifetime with power to invade principal “for her needs and the needs of my children as she in her discretion may deem necessary,” with remainder over to the children, qualifies for the estate tax marital deduction. The United States Tax Court, Richard C. Wilbur, Judge, held that it did not qualify. Estate of Rexford H. Foster, Deceased v. Commissioner, T.C. Memo 1983-77 (Feb. 7, 1983). We agree, because under New York law such a power to consume is limited by a standard of…
Also in this document: Concurrence.
2Cases cited5 opinions
- In Re the Will of WoollardNew York Court of Appeals · 1946
- United States v. Lincoln Rochester Trust Company, as Administrator, C. T. A., of the Last Will & Testament of Albert E. Copeland, DeceasedCourt of Appeals for the Second Circuit · 1962
- Estate of Edward N. Opal, Deceased, Mae Opal, Now by Remarriage Known as Mae Konefsky v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1971
- In re the Construction of the Will of MitchellNew York Surrogate's Court · 1959
- In re the Construction of the Will of SpringettNew York Surrogate's Court · 1960
3Cited by2 opinions
- Estate of Draper v. CommissionerUnited States Tax Court · 1988
- Estate of Raisler v. CommissionerUnited States Tax Court · 1987