Estate of Simonson v. Commissioner
United States Tax Court
Decedent in his will, established a trust, income payable to his son for life, remainder to a named charity. The trustees were given discretionary powers over the income and principal of the trust. Held, the discretionary powers did not constitute a power of indirect invasion of corpus and therefore the charitable remainder is deductible under sec. 2055, I.R.C. 1954.
1Opinion of the Court
STERREtt, Judge:
Respondent determined a deficiency in the Federal estate tax of the Estate of Abraham Simonson in the amount of $399,045.98.
Due to concessions the sole issue remaining for adjudication is whether the value of a trust’s remainder interest payable to a charitable beneficiary was subject to ascertainability at the time of the decedent’s death. Such a decision will lead us to a conclusion relative to the estate’s right to a charitable deduction within the purview of section 2055, I.R.C. 1954.1
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. The stipulation…
2Cases cited31 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Carrier v. . CarrierNew York Court of Appeals · 1919
- Blodget v. Delaney, CollectorCourt of Appeals for the First Circuit · 1953
- Estate of Ford v. CommissionerUnited States Tax Court · 1969
- Estate of Lillie MacMunn Stewart, Deceased, W. Alan Henderson v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1971
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3Cited by3 opinions
- Martinez v. CommissionerUnited States Tax Court · 1976
- Estate of Simonson v. CommissionerUnited States Tax Court · 1973
- Martinez v. CommissionerUnited States Tax Court · 1976