Gray v. Commissioner
United States Board of Tax Appeals
1. Decedent, during his lifetime, executed a deed to the trustee of a trust contemporaneously created by him, conveying an interest to the extent of $200,000 in certain real estate. The deed provided that the real estate was to be held subject to the recitals contained in the trust agreement. The trust instrument obligated the settlor to repurchase the interest in the property by paying the trustee $200,000 and in the interim to pay it $10,000 per annum as rent.
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1. Decedent, during his lifetime, executed a deed to the trustee of a trust contemporaneously created by him, conveying an interest to the extent of $200,000 in certain real estate. The deed provided that the real estate was to be held subject to the recitals contained in the trust agreement. The trust instrument obligated the settlor to repurchase the interest in the property by paying the trustee $200,000 and in the interim to pay it $10,000 per annum as rent. No repurchase having been made during decedent's lifetime, his estate, pursuant to order of the probate court, paid $200,000 to the…
1Opinion of the Court
ESTATE OF F. A. GRAY, BY THE FIRST NATIONAL BANK OF KANSAS CITY, AND WILLIAM B. DICKINSON, EXECUTORS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Gray v. Commissioner
Docket No. 101379.
United States Board of Tax Appeals
44 B.T.A. 545; 1941 BTA LEXIS 1313;
May 21, 1941, Promulgated
1. Decedent, during his lifetime, executed a deed to the trustee of a trust contemporaneously created by him, conveying an interest to the extent of $200,000 in certain real estate. The deed provided that the real estate was to be held subject to the recitals contained in the trust agreement. The trust…
2Cases cited2 opinions
- Gray v. CommissionerUnited States Board of Tax Appeals · 1941
- Ashforth v. CommissionerUnited States Board of Tax Appeals · 1934