Estate of Sorenson v. Commissioner
United States Tax Court
Decedent had a general power of appointment over assets left in trust by her husband's will which, absent her exercise, went into a trust with a remainder interest passing to a charity. Her husband died on May 30, 1969. Decedent, who died on Feb. 22, 1974, had not exercised this power in her will executed on Jan. 24, 1969. She was not incompetent at any time prior to her death.
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Decedent had a general power of appointment over assets left in trust by her husband's will which, absent her exercise, went into a trust with a remainder interest passing to a charity. Her husband died on May 30, 1969. Decedent, who died on Feb. 22, 1974, had not exercised this power in her will executed on Jan. 24, 1969. She was not incompetent at any time prior to her death. The trust into which the assets went upon decedent's failure to exercise the power of appointment created by the will of decedent's husband was not a charitable remainder annuity trust or a unitrust under sec. 664,…
1Opinion of the Court
OPINION
Scott, Judge:
Respondent determined a deficiency in the Federal estate tax of the Estate of Vera S. Sorenson, deceased, Lola L. Bonner, executrix, in the amount of $41,534.40.
The issues for decision are: (1) Whether the Estate of Vera S. Sorenson is entitled to a deduction under section 2055(a)(2), I.R.C. 1954,1 for the value of the remainder interest in a trust which passed to a charitable organization upon decedent’s failure to exercise her general power of appointment over the trust corpus; and (2) if the estate is entitled to a charitable deduction, what is the proper method of…
2Cases cited19 opinions
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Lyeth v. HoeySupreme Court of the United States · 1938
- Helvering v. StuartSupreme Court of the United States · 1942
- United States v. PelzerSupreme Court of the United States · 1941
- Chanler v. KelseySupreme Court of the United States · 1907
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3Cited by3 opinions
- Estate of Crafts v. CommissionerUnited States Tax Court · 1980
- Estate of Crafts v. CommissionerUnited States Tax Court · 1980
- Estate of Sorenson v. CommissionerUnited States Tax Court · 1979