Gray v. Commissioner
United States Board of Tax Appeals
1. Decedent, during his lifetime, executed a deed to the trustee of a trust contemporaneously created by him, conveying an interest to the extent of $200,000 in certain real estate. The deed provided that the real estate was to be held subject to the recitals contained in the trust agreement. The trust instrument obligated the settlor to repurchase the interest in the property by paying the trustee $200,000 and in the interim to pay it $10,000 per annum as rent.
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1. Decedent, during his lifetime, executed a deed to the trustee of a trust contemporaneously created by him, conveying an interest to the extent of $200,000 in certain real estate. The deed provided that the real estate was to be held subject to the recitals contained in the trust agreement. The trust instrument obligated the settlor to repurchase the interest in the property by paying the trustee $200,000 and in the interim to pay it $10,000 per annum as rent. No repurchase having been made during decedent's lifetime, his estate, pursuant to order of the probate court, paid $200,000 to the…
1Opinion of the Court
OPINION.
Mellott :
The Commissioner determined a deficiency in estate tax in the amount of $17,914.41. In the petition it is alleged that there has been an overpayment of tax. At the hearing the parties filed a stipulation in which respondent concedes that certain deductions, aggregating several thousand dollars, which were not included in the original estate tax return should be allowed. On the basis of the stipulation respondent concedes that there has been an overpayment of tax in the amount of $3,956.02.
There is no substantial dispute between the parties as to the facts. All of them—except…
2Cases cited1 opinion
- Taft v. CommissionerSupreme Court of the United States · 1938
3Cited by8 opinions
- Tiffany v. CommissionerUnited States Tax Court · 1967
- Helvering v. RobinetteCourt of Appeals for the Third Circuit · 1942
- Estate of Davis v. CommissionerUnited States Tax Court · 1972
- Estate of Davis v. CommissionerUnited States Tax Court · 1972
- Estate of Friedman v. CommissionerUnited States Tax Court · 1944
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