Gallery v. Commissioner
United States Board of Tax Appeals
Where the decedent in 1928, then aged 58 and in good health, made a transfer of substantially all his property to himself, his wife, and a stranger in trust for the benefit of his wife and children, reserving to himself one-sixth of the income and the power to acquire through the direction of the two other trustees one-sixth more, but retained the power to revest in himself one-fifth of the corpus with the consent of a majority of the trustees, held, (1) that no part of the…
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Where the decedent in 1928, then aged 58 and in good health, made a transfer of substantially all his property to himself, his wife, and a stranger in trust for the benefit of his wife and children, reserving to himself one-sixth of the income and the power to acquire through the direction of the two other trustees one-sixth more, but retained the power to revest in himself one-fifth of the corpus with the consent of a majority of the trustees, held, (1) that no part of the trust corpus is includable in decedent's gross estate by reason of his reservation of income for life, Hassett v.…
1Opinion of the Court
*1214OPINION.
Kern:
Respondent has determined a deficiency of $155,587.54 in Federal estate tax by including in decedent’s gross estate the full stipulated fair market value (as of the day of decedent’s death), $1,066,-791.67, of the corpus of a trust settlement made by decedent on May 22,1928, for the benefit of himself, his wife, and three children. The grounds taken by respondent in his deficiency notice are that the transfer was made (1) in contemplation of death under section 302 (c), and (2) to take effect in possession and enjoyment at or after death, under section 302 (d) of the Revenue Act…
2Cases cited13 opinions
- United States v. WellsSupreme Court of the United States · 1931
- Nichols v. CoolidgeSupreme Court of the United States · 1927
- Hassett v. WelchSupreme Court of the United States · 1938
- May v. HeinerSupreme Court of the United States · 1930
- Helvering v. City Bank Farmers Trust Co.Supreme Court of the United States · 1935
8 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Welch v. TerhuneCourt of Appeals for the First Circuit · 1942
- Fruehauf v. CommissionerUnited States Tax Court · 1968
- Estate of Schumacher v. CommissionerUnited States Tax Court · 1943
- Estate of Halvor J. T. Jacobsen v. CommissionerUnited States Tax Court · 1950
- Fruehauf v. CommissionerUnited States Tax Court · 1968
3 more not listed; retrieve them via the Exa API.