Drake v. Commissioner
United States Board of Tax Appeals
1. Where a widow elects to become beneficiary of a trust created by the will of her deceased husband, in lieu of her statutory rights in his estate, the income paid to her from such trust is taxable to her as ordinary income without regard to the value of her marital interests surrendered.
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1. Where a widow elects to become beneficiary of a trust created by the will of her deceased husband, in lieu of her statutory rights in his estate, the income paid to her from such trust is taxable to her as ordinary income without regard to the value of her marital interests surrendered. Commissioner v. Butterworth,290 U.S. 365. 2. Held, that payments made to decedent taxpayer by a trust established by a will were not, in view of the terms of the will, impressed with any further or additional trust requiring her to share them with minor children, but that they constituted sole and separate…
1Opinion of the Court
*465OPINION.
Lansdon :
The petitioner contends that the decedent’s surrender, by waiver, of her dower and other interests in O’Connor’s estate, to *466take under the trust provisions of bis will, made her purchaser of the payments made to her at the price or value of her interests so surrendered, and that except and until she has first had returned to her payments equal in amount to those interests she cannot be held to have received any taxable income in virtue of them. He. also contends that the decedent’s interest in that estate is determinable by the laws of the Kepublie of France, in virtue of an…
2Cases cited19 opinions
- Palmer v. BenderSupreme Court of the United States · 1932
- United States v. LudeySupreme Court of the United States · 1927
- Irwin v. GavitSupreme Court of the United States · 1925
- Weiss v. WeinerSupreme Court of the United States · 1929
- Helvering v. ButterworthSupreme Court of the United States · 1933
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3Cited by2 opinions
- Bok v. CommissionerUnited States Board of Tax Appeals · 1935
- Drake v. CommissionerUnited States Board of Tax Appeals · 1934