Holmes v. Commissioner
United States Tax Court
Decedent created a testamentary trust, providing that the net income thereof should be paid to his niece for life, upon her death to other named beneficiaries, and upon the death of their survivor the remainder was to go to a certain organization admittedly charitable in nature.
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Decedent created a testamentary trust, providing that the net income thereof should be paid to his niece for life, upon her death to other named beneficiaries, and upon the death of their survivor the remainder was to go to a certain organization admittedly charitable in nature. The trust further provided that if the trust income was insufficient "to properly care for and maintain" decedent's niece, the trustee might use so much of the principal as would be sufficient for the purpose. Decedent's niece lived with him prior to his death. Since that time she has resided with her sister and…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The principal issue is whether the value of the decedent’s residual bequest to a charitable institution is sufficiently ascertainable to allow a deduction therefor under section 812 (d) of the Internal Eevenue Code. If this is decided in the petitioners’ favor, we must further determine the present value of the interest so bequeathed. That the residuary legatee qualifies as a charitable institution under the above section, is not questioned by the respondent.
The respondent contends that the provision in the trust empowering the trustees to invade corpus for the…
2Cases cited4 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
- United States v. Provident Trust Co.Supreme Court of the United States · 1934
3Cited by21 opinions
- Lincoln Rochester Trust Co v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1950
- Jack v. CommissionerUnited States Tax Court · 1946
- Geller v. CommissionerUnited States Tax Court · 1947
- Kniep v. CommissionerUnited States Tax Court · 1947
- Schoonmaker v. CommissionerUnited States Tax Court · 1946
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