Derby v. Commissioner
United States Tax Court
1. Real property held as tenants by the entirety, in the purchase of which the wife made no contribution, was conveyed to a trust under the terms of which the settlors reserved power to manage and control the property, collect the income therefrom, and amend or revoke the trust during their joint lives.
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1. Real property held as tenants by the entirety, in the purchase of which the wife made no contribution, was conveyed to a trust under the terms of which the settlors reserved power to manage and control the property, collect the income therefrom, and amend or revoke the trust during their joint lives. Held, that the value of the property is includible in gross estate under the provisions of section 811 (e), Internal Revenue Code. 2. Respondent's determination of a penalty for failure to file a timely return sustained because of lack of proof of error.
1Opinion of the Court
Estate of Frank N. Derby, Deceased, The United States National Bank of Portland (Oregon), Trustee, Petitioner, v. Commissioner of Internal Revenue, Respondent
Derby v. Commissioner
Docket No. 36138
United States Tax Court
20 T.C. 164; 1953 U.S. Tax Ct. LEXIS 185;
April 24, 1953, Promulgated
Decision will be entered for the respondent.
1. Real property held as tenants by the entirety, in the purchase of which the wife made no contribution, was conveyed to a trust under the terms of which the settlors reserved power to manage and control the property, collect the income therefrom, and amend or revoke…
2Cases cited13 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Porter v. CommissionerSupreme Court of the United States · 1933
- Wakefield v. WakefieldSuperior Court of Pennsylvania · 1942
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