Pardee v. Commissioner
United States Tax Court
1. Decedent created a trust, naming himself as trustee, for the benefit of his children. The trustee was given the power to pay income or invade corpus in his discretion for the beneficiaries' education, maintenance, medical expenses, or other needs occasioned by emergency. In addition, the trustee was given the power to determine the division of the trust estate and to allocate receipts between principal and income.
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1. Decedent created a trust, naming himself as trustee, for the benefit of his children. The trustee was given the power to pay income or invade corpus in his discretion for the beneficiaries' education, maintenance, medical expenses, or other needs occasioned by emergency. In addition, the trustee was given the power to determine the division of the trust estate and to allocate receipts between principal and income. Held, that the trustee's power to distribute income or principal was limited by an external standard and not includable in his gross estate under sec. 2038(a)(1), I.R.C. 1954. 2.…
1Opinion of the Court
Estate of Marvin L. Pardee, Deceased, James I. McClintock and National Bank of Detroit, Coexecutors, Petitioner v. Commissioner of Internal Revenue, Respondent
Pardee v. Commissioner
Docket No. 7249-65
United States Tax Court
49 T.C. 140; 1967 U.S. Tax Ct. LEXIS 14;
December 1, 1967, Filed
Decision will be entered under Rule 50.
1. Decedent created a trust, naming himself as trustee, for the benefit of his children. The trustee was given the power to pay income or invade corpus in his discretion for the beneficiaries' education, maintenance, medical expenses, or other needs occasioned by emergency.…
2Cases cited56 opinions
- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
- United States v. O'MALLEYSupreme Court of the United States · 1966
- Estate of Daniel McNichol Deceased, Ellen McNichol Evangelista and Joseph G. McNichol Executors v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- McNichol v. CommissionerUnited States Tax Court · 1958
- Industrial Trust Co. v. Commissioner of Internal Rev.Court of Appeals for the First Circuit · 1947
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