Newberry v. Commissioner
United States Tax Court
Decedent and her husband created reciprocal trusts. After amendment there remained in each, at the time of her death, the right to change the trust beneficiaries. The trusts further provided that trust income was to be accumulated for the benefit of the two children of decedent and husband, until attainment by the child of the age of 30 years.
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Decedent and her husband created reciprocal trusts. After amendment there remained in each, at the time of her death, the right to change the trust beneficiaries. The trusts further provided that trust income was to be accumulated for the benefit of the two children of decedent and husband, until attainment by the child of the age of 30 years. Held, the decedent's power, at date of death, to change beneficiaries requires inclusion of the trust corpus and accumulated income in her gross estate under section 811 (d) (2), Internal Revenue Code.
1Opinion of the Court
OPINION.
Disney, Judge:
On July 6,1934, the decedent as the named grantor executed two instruments of trust, one in favor of her daughter and the other in favor of her son. On the same day her husband as the named grantor executed two instruments of trust, one in favor of his daughter and the other in favor of his son. Each did the same again on December 26, 1935. The language of the eight trusts was substantially the same, save for the differences in names and certain immaterial variations. The corpus of the trusts as originally created consisted primarily of an equal number of shares of stock…
2Cases cited17 opinions
- Porter v. CommissionerSupreme Court of the United States · 1933
- Orvis v. HigginsCourt of Appeals for the Second Circuit · 1950
- Lehman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1940
- Cole's Estate v. Com'r of Internal RevenueCourt of Appeals for the Eighth Circuit · 1944
- Keefe v. CommissionerUnited States Tax Court · 1950
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3Cited by15 opinions
- Estate of Bischoff v. CommissionerUnited States Tax Court · 1977
- John J. Round, Jr., Executors v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1964
- Krause v. CommissionerUnited States Tax Court · 1972
- Newberry v. WalshSupreme Court of New Jersey · 1956
- Newberry's Estate v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. Newberry's Estate John J. Newberry Trust No. 1 v. Commissioner of Internal Revenue (Two Cases)Court of Appeals for the Third Circuit · 1953
10 more not listed; retrieve them via the Exa API.