Estate of Council v. Commissioner
United States Tax Court
Decedent was the beneficiary of a marital deduction trust established by her husband's will. Under that trust decedent was to receive the income for life and had a testamentary power of appointment over such assets as remained in the trust at her death. Pursuant to a discretionary power to use trust principal to meet decedent's reasonable needs the trustees made several distributions of trust principal during decedent's life.
Read the full summary
Decedent was the beneficiary of a marital deduction trust established by her husband's will. Under that trust decedent was to receive the income for life and had a testamentary power of appointment over such assets as remained in the trust at her death. Pursuant to a discretionary power to use trust principal to meet decedent's reasonable needs the trustees made several distributions of trust principal during decedent's life. Held, the value of the assets distributed from the trust during decedent's life is not includable in decedent's gross estate under sec. 2041, I.R.C. 1954.
1Opinion of the Court
Estate of Betty Durham Council, Deceased, Frances Council Yeager, C. Robert Yeager and North Carolina National Bank, Executors, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Council v. Commissioner
Docket No. 8857-72
United States Tax Court
65 T.C. 594; 1975 U.S. Tax Ct. LEXIS 6;
December 22, 1975, Filed
Decision will be entered under Rule 155.
Decedent was the beneficiary of a marital deduction trust established by her husband's will. Under that trust decedent was to receive the income for life and had a testamentary power of appointment over such assets as remained in the…
2Cases cited22 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Helvering v. StuartSupreme Court of the United States · 1942
- Woodard v. MordecaiSupreme Court of North Carolina · 1951
- Heyer v. BulluckSupreme Court of North Carolina · 1936
17 more not listed; retrieve them via the Exa API.