Cutler v. Commissioner
United States Tax Court
Decedent created a testamentary trust devising to the trustee certain property and, under a general power of appointment in a prior trust, the income from such prior trust during the further term thereof, and also the principal of the prior trust upon its termination. The prior trust was to terminate upon the death of decedent's brother.
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Decedent created a testamentary trust devising to the trustee certain property and, under a general power of appointment in a prior trust, the income from such prior trust during the further term thereof, and also the principal of the prior trust upon its termination. The prior trust was to terminate upon the death of decedent's brother. Testamentary trustee was directed to pay the income of the testamentary trust to decedent's widow during her life and was authorized to make payments from principal thereof for her use and benefit as it, in its sole discretion, might deem advisable. Certain…
1Opinion of the Court
OPINION.
ARnold, Judge:
The first issue is whether the value of the one-half interest in the trust created September 9, 1926, over which decedent exercised a power of appointment by will, to be included in the gross estate of decedent is $201,382.99, as determined by respondent, or a lesser amount, as contended by petitioner. Section 811 (f) of the Internal Revenue Code, as effective in 1940,1 requires the inclusion in the gross estate of a decedent of the value at the time of his death of any property passing under a general power of appointment exercised by the decedent by will. One-half the…
2Cases cited10 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- Humes v. United StatesSupreme Court of the United States · 1928
- Fletcher Trust Co. v. CommissionerUnited States Tax Court · 1943
- Kennedy v. Pittsburg & Lake Erie RailroadSupreme Court of Pennsylvania · 1907
5 more not listed; retrieve them via the Exa API.
3Cited by30 opinions
- Jack v. CommissionerUnited States Tax Court · 1946
- Geller v. CommissionerUnited States Tax Court · 1947
- Schoonmaker v. CommissionerUnited States Tax Court · 1946
- Noble v. CommissionerUnited States Tax Court · 1959
- Kenny v. CommissionerUnited States Tax Court · 1948
25 more not listed; retrieve them via the Exa API.