Durant v. Commissioner
United States Board of Tax Appeals
Where decedent transferred substantially all of her estate to a trust under an instrument which provided for monthly payments out of income or corpus to decedent, in stipulated amounts in excess of probable earnings of the trust corpus, and for further payments in the trustees' discretion for travel, the purchase of a home, and for decedent's "comfort, maintenance and enjoyment of living" and, upon decedent's death, for payment of her debts, held, respondent properly…
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Where decedent transferred substantially all of her estate to a trust under an instrument which provided for monthly payments out of income or corpus to decedent, in stipulated amounts in excess of probable earnings of the trust corpus, and for further payments in the trustees' discretion for travel, the purchase of a home, and for decedent's "comfort, maintenance and enjoyment of living" and, upon decedent's death, for payment of her debts, held, respondent properly included the trust corpus as a part of decedent's gross estate.
1Opinion of the Court
*464OPINION.
Oppee :
Decedent transferred what came to constitute virtually her entire estate by a trust instrument operative during her lifetime, and providing for the payment to her of a stipulated income. Other provisions required the trustee to discharge her debts at death and permitted distribution to her during her lifetime of any part or all the principal if considered advisable by the trustee. This property was proposed for inclusion for estate tax purposes by respondent, one ground given being that it was “a transfer of a material part of the decedent’s property in the nature of a final…
2Cases cited10 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- United States v. WellsSupreme Court of the United States · 1931
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
5 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Durant v. CommissionerUnited States Board of Tax Appeals · 1940
- Estate of Charles J. Babcock v. CommissionerUnited States Tax Court · 1946
- Estate of Dell Hinds Higgins v. CommissionerUnited States Tax Court · 1949