Bank of Am. Nat'l Trust & Sav. Ass'n v. Commissioner
United States Board of Tax Appeals
A resident of California in 1929 transferred in trust a tract of land separately owned by him and a tract for which his wife paid one-ninth of the cost with separate funds and both signed a note for the remainder, secured by mortgage on both tracts. The trust was revocable, and the husband was entitled to the use and income of the land for life. In 1931 he and his wife signed an agreement that all their property be held in community.
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A resident of California in 1929 transferred in trust a tract of land separately owned by him and a tract for which his wife paid one-ninth of the cost with separate funds and both signed a note for the remainder, secured by mortgage on both tracts. The trust was revocable, and the husband was entitled to the use and income of the land for life. In 1931 he and his wife signed an agreement that all their property be held in community. The mortgage note was paid with income from the tracts. Held, the value of the husband's gross estate uopn his death in 1937 includes (1) one-half of the value…
1Opinion of the Court
*698OPINION.
SteRNHagen:
The Commissioner arrived at the deficiency by expanding the decedent’s gross estate to include the entire value at the time of his death of the personalty, the home place, and the Trafton tract. The petitioner assails this and points to the community property agreement of December 29, 1931, to support the contention that all of the property, real and personal, was the subject of this agreement and that only one-half thereof was properly in the gross estate.
As to the personal property, there is no doubt that the community agreement of 1931 covered it and that only one-half…
2Cases cited9 opinions
- Helvering v. City Bank Farmers Trust Co.Supreme Court of the United States · 1935
- Van Camp v. Van CampCalifornia Court of Appeal · 1921
- Wahlefeld v. WahlefeldCalifornia Court of Appeal · 1930
- Estate of SillCalifornia Court of Appeal · 1932
- Yoakam v. KingeryCalifornia Supreme Court · 1899
4 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Bank of Am. Nat'l Trust & Sav. Ass'n v. CommissionerUnited States Board of Tax Appeals · 1941