Hancy v. Commissioner
United States Board of Tax Appeals
1. Decedent was given general powers of appointment by the wills of her father and brother and reserved a general power of appointment to herself in a certain trust deed. By her last will and testament she exercised the three powers in favor of her daughter, who was also the remainderman under each of the instruments.
Read the full summary
1. Decedent was given general powers of appointment by the wills of her father and brother and reserved a general power of appointment to herself in a certain trust deed. By her last will and testament she exercised the three powers in favor of her daughter, who was also the remainderman under each of the instruments. Held that the value of the appointed property should be included in the decedent's gross estate under section 402(e) of the Revenue Act of 1918. 2. Evidence held insufficient to determine that the value placed on certain shares of stock by respondent was erroneous.
1Opinion of the Court
*468OPINION.
MoRRis:
The first question raised by this proceeding is whether the value of property of three separate trust funds should be included in Maria C. Hone’s estate as property passing under the exercise of general powers of appointment. The respondent has held that the properties passed under the exercise of the general powers of appointment, and contends that the value thereof should be included in decedent’s gross estate in accordance with section 402 (e) of the Revenue Act of 1918. The petitioner contends (1) that no tax is leviable on a power which transfers no benefits, and that in…
2Cases cited40 opinions
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Nichols v. CoolidgeSupreme Court of the United States · 1927
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- United States v. RobbinsSupreme Court of the United States · 1926
- Untermyer v. AndersonSupreme Court of the United States · 1928
35 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Helmholz v. CommissionerUnited States Board of Tax Appeals · 1933
- Kimball v. CommissionerUnited States Board of Tax Appeals · 1933
- Sharp v. CommissionerUnited States Board of Tax Appeals · 1934
- Camden Safe Deposit & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Brown v. CommissionerUnited States Board of Tax Appeals · 1938
5 more not listed; retrieve them via the Exa API.