Lockie v. Commissioner
United States Tax Court
1. Estate Tax -- Gross Estate -- Dividend -- Section 811. -- A dividend declared prior to the death of the decedent but payable to stockholders of record on a date after his death is not includible in the gross estate. 2. Estate Tax -- Nonresident Alien -- Gross Estate -- Property Within the United States -- Section 861. -- Certificates connected with decedent's ownership of Bank of Nova Scotia stock and loans by the decedent to the British Treasury which were located in the…
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1. Estate Tax -- Gross Estate -- Dividend -- Section 811. -- A dividend declared prior to the death of the decedent but payable to stockholders of record on a date after his death is not includible in the gross estate. 2. Estate Tax -- Nonresident Alien -- Gross Estate -- Property Within the United States -- Section 861. -- Certificates connected with decedent's ownership of Bank of Nova Scotia stock and loans by the decedent to the British Treasury which were located in the United States at the time of decedent's death were not the property itself, the stock and the loans were not situated…
1Opinion of the Court
OPINION.
MtjRdock, Judge:
The Commissioner states the first issue as follows: “Should the value of a dividend in the amount of $80.00, on General Electric Co., Inc. stock, which was quoted £ex dividend’ on the date of death of the decedent, be included in the decedent’s gross estate?”
The answer to that question is “No.” The dividend was declared before the decedent died but was payable to stockholders of record on the day after he died. Thus, the dividend was never payable to him and he never had a right to the dividend. Cf. Putnam’s Estate v. Commissioner, 324 U. S. 393. The amount of the…
2Cases cited8 opinions
- Burnet v. BrooksSupreme Court of the United States · 1933
- Hatch v. Oil Co.Supreme Court of the United States · 1879
- Estate of Putnam v. CommissionerSupreme Court of the United States · 1945
- Wills v. Investors Bankstocks Corp.New York Court of Appeals · 1931
- Rogers v. ThomsonAppellate Division of the Supreme Court of the State of New York · 1926
3 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- McNary v. CommissionerUnited States Tax Court · 1967
- Anton v. CommissionerUnited States Tax Court · 1960
- Anton v. CommissionerUnited States Tax Court · 1960
- Estate of Fleming v. CommissionerUnited States Tax Court · 1974
- Lockie v. CommissionerUnited States Tax Court · 1953
1 more not listed; retrieve them via the Exa API.