Holmes v. Commissioner
United States Tax Court
Decedent in 1935 executed a trust indenture by which he irrevocably conveyed to himself as trustee certain corporate stocks to be held in trust for his three sons. The period of the trust was to be 15 years and under certain conditions was to continue for a longer term. At the termination of the trust the trust estate then remaining in the hands of the trustee was to be distributed to the respective beneficiaries.
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Decedent in 1935 executed a trust indenture by which he irrevocably conveyed to himself as trustee certain corporate stocks to be held in trust for his three sons. The period of the trust was to be 15 years and under certain conditions was to continue for a longer term. At the termination of the trust the trust estate then remaining in the hands of the trustee was to be distributed to the respective beneficiaries. The grantor retained for himself while acting as trustee the right to terminate the portion of the trust given to any son, or all of them, and to distribute the principal thereof to…
1Opinion of the Court
OPINION.
Black, Judge'.
The Commissioner has determined a deficiency in estate tax against the estate of Harry Holmes, deceased, of $13,491.38. The deficiency is due to six adjustments made by the Commissioner to the estate tax return filed for the estate by the executrix. Only one of these adjustments is contested. It is the one by which the Commissioner added to the value of the property reported by the executrix in the estate tax return an item of $91,593.17 designated as “transfers.’’ This item is explained in the deficiency notice as follows:
Pursuant to the provisions of Section 811 (d) of…
2Cases cited4 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Porter v. CommissionerSupreme Court of the United States · 1933
- Commissioner of Internal Revenue v. Chase Nat. BankCourt of Appeals for the Second Circuit · 1936
- Chickering v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1941
3Cited by15 opinions
- Commissioner v. Estate of HolmesSupreme Court of the United States · 1946
- Nettleton v. CommissionerUnited States Tax Court · 1945
- Wier v. CommissionerUnited States Tax Court · 1951
- Commissioner of Internal Revenue v. Newbold's EstateCourt of Appeals for the Second Circuit · 1946
- Burney v. CommissionerUnited States Tax Court · 1944
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