Estate of Gokey v. Commissioner
United States Tax Court
On Oct. 1, 1961, Joseph G. Gokey created irrevocable trusts for his children and a trust granting his wife a life estate with remainder over equally to the children's trusts. Held, children's trusts were support trusts and, therefore, decedent's gross estate includes value of the trusts' assets under sec. 2036, I.R.C. 1954. Held, further, value of children's trusts' remainder interests determined.
1Opinion of the Court
Wiles, Judge:
Respondent determined a $160,502.94 deficiency in the Federal estate tax of Joseph G. Gokey,1 and further determined that trustees Mildred A. Gokey and the First National Bank of Chicago were liable for the same amount under section 69012 as transferees of the assets of the Estate of Joseph G. Gokey. After concessions, the two issues are whether the value of two irrevocable inter vivos trusts created by decedent for the benefit of two of his minor children is includable in his gross estate under section 2036, and, if so, what is the value of the children’s trusts’ one-third…
2Cases cited17 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Newton Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1947
- McGuire v. CommissionerUnited States Tax Court · 1965
- United States v. Gordon Simmons and I. v. Simmons, Executors of the Estate of B. Hill SimmonsCourt of Appeals for the Fifth Circuit · 1965
- Burke v. BurkeIllinois Supreme Court · 1913
12 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Estate of Gokey v. CommissionerUnited States Tax Court · 1979
- Estate of Gokey v. CommissionerUnited States Tax Court · 1984