Camden Safe Deposit & Trust Co. v. Commissioner
United States Board of Tax Appeals
1. Property over which a decedent had a general power of appointment is not relieved from the Federal estate tax (sec. 302(f), Revenue Act of 1926) either because it is not part of the decedent's estate under local law and the appointee takes from the donor, or because the donee exercised the power in favor of one who would have taken the property under the donor's will if the power had not been exercised. 2. A power to appoint to "such person or persons as [the donee] by…
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1. Property over which a decedent had a general power of appointment is not relieved from the Federal estate tax (sec. 302(f), Revenue Act of 1926) either because it is not part of the decedent's estate under local law and the appointee takes from the donor, or because the donee exercised the power in favor of one who would have taken the property under the donor's will if the power had not been exercised. 2. A power to appoint to "such person or persons as [the donee] by last will and testament may direct", held a general power within sec. 302(f); and its character as such is unaffected by…
1Opinion of the Court
OPINION.
Murdock:
The Commissioner determined a deficiency in Federal estate taxes in the amount of $18,953.54. The single question before the Board for decision is whether or not $384,145.89 has been properly included by the Commissioner as a part of the decedent’s gross estate. The facts have been stipulated.
George E. Taylor, the father of G. Wilbur Taylor, died in 1923 while residing in Camden, New Jersey. By the terms of his will he gave to his wife, Emma J. Taylor, a life estate in all of his property, real, personal, and mixed. The following quotations are from his will:
Third : In case…
2Cases cited10 opinions
- Forney's EstateSupreme Court of Pennsylvania · 1924
- Hancy v. CommissionerUnited States Board of Tax Appeals · 1929
- Mercantile Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Twitchell's EstateSupreme Court of Pennsylvania · 1925
- In re Dorgan's EstateDistrict Court, S.D. Iowa · 1916
5 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Camden Safe Deposit & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934