Lit v. Commissioner
United States Board of Tax Appeals
1. ESTATE TAX - WHETHER EXISTING TRUST WAS REVOKED AND A NEW TRUST CREATED. - Two instruments executed on December 30, 1927, are construed.
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1. ESTATE TAX - WHETHER EXISTING TRUST WAS REVOKED AND A NEW TRUST CREATED. - Two instruments executed on December 30, 1927, are construed. One instrument held to revoke an existing trust; and the other instrument held to create a new trust. 2. ESTATE TAX - INCLUSION IN GROSS ESTATE OF PROPERTY TRANSFERRED BY TRUST WHERE SETTLOR RESERVES RIGHT TO REVOKE IN CONJUNCTION WITH ONE OF TWO OR MORE BENEFICIARIES. - On December 30, 1927, decedent created a trust the income of which was to be paid to his wife, Rosa L. Lit, for life or to himself for life if his wife predeceased him, and upon the death…
1Opinion of the Court
*857OPINION.
Black :
Since the parties have stipulated that the several instruments involved herein were not executed in contemplation of death, it is necessary to consider only the application of that part of section 302 of the Bevenue Act of 1926 which is printed in the margin.1
Both at the hearing and in their brief petitioners have stressed the point that the instrument of December 30, 1927, purporting to create a “new trust”, did not in substance create a new trust; that it was in substance merely an amendment to the original trust created January 27, 1923, which trust was amended December 5,…
2Cases cited7 opinions
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- May v. HeinerSupreme Court of the United States · 1930
- Porter v. CommissionerSupreme Court of the United States · 1933
- Stetson v. CommissionerUnited States Board of Tax Appeals · 1932
- Wheeler v. CommissionerUnited States Board of Tax Appeals · 1930
2 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Thorp's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1947
- City Bank Farmers Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Holmes v. CommissionerUnited States Board of Tax Appeals · 1934
- Raegner v. CommissionerUnited States Board of Tax Appeals · 1934
- Stevens v. CommissionerUnited States Board of Tax Appeals · 1933
5 more not listed; retrieve them via the Exa API.