Chase Nat'l Bank v. Commissioner
United States Tax Court
1. Husband, residing with wife in Texas, created an inter vivos trust out of community property, reserving the income to himself for life, then to his wife for life, the corpus to be distributed thereafter. He reserved the right to alter, amend, or revoke.
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1. Husband, residing with wife in Texas, created an inter vivos trust out of community property, reserving the income to himself for life, then to his wife for life, the corpus to be distributed thereafter. He reserved the right to alter, amend, or revoke. Held, upon the husband's death, the wife had a community property interest in the corpus, which she could have asserted, and her acquiescence in the trust constituted a gift by her of her one-half interest minus the value of her life estate. 2. Husband established insurance trust paying premiums on policies on his own life out of community…
1Opinion of the Court
The Chase National Bank of the City of New York, Trustee and Alleged Transferee of Marie Elizabeth Moran, Petitioner, v. Commissioner of Internal Revenue, Respondent
Chase Nat'l Bank v. Commissioner
Docket No. 48652
United States Tax Court
25 T.C. 617; 1955 U.S. Tax Ct. LEXIS 9;
December 22, 1955, Filed
Decision will be entered under Rule 50.
1. Husband, residing with wife in Texas, created an inter vivos trust out of community property, reserving the income to himself for life, then to his wife for life, the corpus to be distributed thereafter. He reserved the right to alter, amend, or revoke.…
Also in this document: Dissent.
2Cases cited45 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Arnold v. LeonardTexas Supreme Court · 1925
- Hopkins v. BaconSupreme Court of the United States · 1930
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Robinette v. HelveringSupreme Court of the United States · 1943
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