Estate of Sowell v. Commissioner
United States Tax Court
Decedent was trustee and life income beneficiary of a testamentary trust created by her husband. The trustee could invade the trust corpus in cases of emergency or illness. Held: Power to invade "in cases of emergency" can include occurrences other than maintenance and/or support and hence can have independent significance. Accordingly, decedent's power to invade corpus was a general power of appointment within the meaning of sec. 2041(a)(2), I.R.C. 1954.
1Opinion of the Court
OPINION
Sterrett, Judge:
By letter dated October 5, 1978, respondent determined a deficiency of $101,104.78 in estate taxes resulting from an adjustment of $319,054.54 increase in the gross estate due to including the corpus of a trust created by Thomas R. Sowell.
A petition for redetermination of the deficiency was filed timely. Thereafter, both parties filed a motion for summary judgment pursuant to Rule 121, Tax Court Rules of Practice and Procedure. Additionally, the Court granted respondent’s motion for leave to file a memorandum brief in support of his motion for summary judgment. Each…
2Cases cited10 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Industrial Trust Co. v. Commissioner of Internal Rev.Court of Appeals for the First Circuit · 1947
- Gregg v. GardnerNew Mexico Supreme Court · 1963
- St. Louis Union Trust Company, of the Estate of Frank Landwehr, Deceased v. United StatesCourt of Appeals for the Eighth Circuit · 1967
- Strite v. McGinnesCourt of Appeals for the Third Circuit · 1964
5 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Estate of Ida Maude Sowell, Homer T. Sowell v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1983
- Estate of Little v. CommissionerUnited States Tax Court · 1986
- Estate of Vissering v. CommissionerUnited States Tax Court · 1991
- Estate of Levitt v. CommissionerUnited States Tax Court · 1990
- Estate of Levitt v. CommissionerUnited States Tax Court · 1990
3 more not listed; retrieve them via the Exa API.