Peterson v. Commissioner
United States Tax Court
Decedent and his wife executed a joint and mutual will in which the estate of the first to die was left to the other and the survivor's estate was left to their children. Under applicable State law (Nebraska), the contractual nature of the will would be construed to create a life estate with a limited power of use and disposition in the widow with respect to all property passing to her from decedent within the meaning of the 1939 Code.
Read the full summary
Decedent and his wife executed a joint and mutual will in which the estate of the first to die was left to the other and the survivor's estate was left to their children. Under applicable State law (Nebraska), the contractual nature of the will would be construed to create a life estate with a limited power of use and disposition in the widow with respect to all property passing to her from decedent within the meaning of the 1939 Code. In addition to the probate estate, the lump-sum proceeds of life insurance policies, United States Savings Bonds (Series E), and real estate passed to the…
1Opinion of the Court
Estate of Gust Marion Peterson, Deceased, Mary E. Peterson, Executrix, Petitioner, v. Commissioner of Internal Revenue, Respondent
Peterson v. Commissioner
Docket No. 48354
United States Tax Court
23 T.C. 1020; 1955 U.S. Tax Ct. LEXIS 230;
March 14, 1955, Filed
Decision will be entered under Rule 50.
Decedent and his wife executed a joint and mutual will in which the estate of the first to die was left to the other and the survivor's estate was left to their children. Under applicable State law (Nebraska), the contractual nature of the will would be construed to create a life estate with a limited…
2Cases cited7 opinions
- Helvering v. StuartSupreme Court of the United States · 1942
- Brown v. WebsterNebraska Supreme Court · 1912
- Annable v. RicedorffNebraska Supreme Court · 1941
- Awtry v. CommissionerUnited States Tax Court · 1954
- Mack v. SwansonNebraska Supreme Court · 1941
2 more not listed; retrieve them via the Exa API.