Estate of Speer v. Commissioner
United States Tax Court
Decedent established a revocable inter vivos trust with the remainder, after intervening life estates, payable to a named charity. His will poured the residuary estate into the trust. A bank was designated as sole trustee and was given discretionary powers of investment and of allocation of dividends and expenses between principal and income.
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Decedent established a revocable inter vivos trust with the remainder, after intervening life estates, payable to a named charity. His will poured the residuary estate into the trust. A bank was designated as sole trustee and was given discretionary powers of investment and of allocation of dividends and expenses between principal and income. Held, the existence of such discretionary powers did not preclude the deductibility of the charitable remainder under sec. 2055, I.R.C. 1954.
1Opinion of the Court
Estate of George I. Speer, Deceased, Bank of Delaware and Alice M. Speer, Executors, Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of Speer v. Commissioner
Docket No. 3346-69
United States Tax Court
57 T.C. 804; 1972 U.S. Tax Ct. LEXIS 164;
March 15, 1972, Filed
Decision will be entered for the petitioners.
Decedent established a revocable inter vivos trust with the remainder, after intervening life estates, payable to a named charity. His will poured the residuary estate into the trust. A bank was designated as sole trustee and was given discretionary powers of investment and…
Also in this document: Dissent · Raum; Dissent · Quealy.
2Cases cited32 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Henslee v. Union Planters National Bank & Trust Co.Supreme Court of the United States · 1949
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- Humes v. United StatesSupreme Court of the United States · 1928
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