Estate of Reid v. Commissioner
United States Tax Court
Decedent established an inter vivos irrevocable trust in 1955 and transferred property to the Mercantile National Bank of Dallas as trustee to be held by the trustee for the benefit of specified beneficiaries. Under the trust, the trustee had the discretionary right to distribute trust property and income therefrom to the designated beneficiaries during the life of decedent.
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Decedent established an inter vivos irrevocable trust in 1955 and transferred property to the Mercantile National Bank of Dallas as trustee to be held by the trustee for the benefit of specified beneficiaries. Under the trust, the trustee had the discretionary right to distribute trust property and income therefrom to the designated beneficiaries during the life of decedent. In addition, the trust provided that, in the event the trustee resigned, the decedent, if living, had the right to appoint a successor trustee. Nothing in the trust provisions prohibited decedent from appointing herself…
1Opinion of the Court
Goffe, Judge:
The Commissioner determined a deficiency in petitioner’s Federal estate tax in the amount of $299,619.92.
Due to concessions made by the parties, the issues for our decision are:(1) Whether decedent, in connection with an irrevocable inter vivos trust she created in 1955, possessed at the date of her death a contingent right to designate who would possess or enjoy trust property and income, thereby causing the inclusion of such property and income in her gross estate under section 2036(a)(2), I.R.C. 1954;1(2) Whether the provisions of the trust indenture created by decedent are…
2Cases cited15 opinions
- City Bank Farmers Trust Co. v. McGowanSupreme Court of the United States · 1945
- Hurd v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1947
- Alonzo Wimberly Jenkins, Jr., as Executors Under the Will of Martha O. Jenkins, Deceased v. United StatesCourt of Appeals for the Fifth Circuit · 1970
- Hurd v. CommissionerUnited States Tax Court · 1946
- Clarence Blagen Fish, Administrator With the Will Annexed of the Estate of Minnie C. Blagen, Deceased v. United StatesCourt of Appeals for the Ninth Circuit · 1970
10 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Estate of Fannie Alperstein, Deceased, Rosalind A. Greenberg, Administratrix v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1979
- Estate of Gilchrist v. CommissionerCourt of Appeals for the Fifth Circuit · 1980
- Estate of Anna Lora Gilchrist, Deceased, Layland Myatt and Elizabeth Dearborn, Independent Executors v. Commissioner of Internal Revenue, Estate of Ruth T. Reid, Deceased, Walter D. Reid, Independent v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1980
- Estate of Vissering v. CommissionerUnited States Tax Court · 1991
- Estate of Reid v. CommissionerUnited States Tax Court · 1979
2 more not listed; retrieve them via the Exa API.