Union & Peoples Nat'l Bank v. Commissioner
United States Board of Tax Appeals
In her will the decedent attempted to dispose of certain trust property in respect of which she had been given a power of appointment in the trust agreement. The state court of proper jurisdiction determined that the power of appointment was not properly exercised in accordance with the trust agreement and that the property in question did not pass by the attempted exercise of the power of appointment, but passed in accordance with the provisions of the trust agreement.
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In her will the decedent attempted to dispose of certain trust property in respect of which she had been given a power of appointment in the trust agreement. The state court of proper jurisdiction determined that the power of appointment was not properly exercised in accordance with the trust agreement and that the property in question did not pass by the attempted exercise of the power of appointment, but passed in accordance with the provisions of the trust agreement. Held, that the trust property did not pass under a general power of appointment exercised by the decedent by will and is not…
1Opinion of the Court
*1282OPINION.
Smith :
The issue before us in this proceeding is whether the value of the property held by the John B. Crouse trust passed under a general power of appointment exercised by the decedent in her will and is therefore taxable in the decedent’s estate under the following provisions of the Revenue Act of 1926:
Sec. 302. The value of the gross estate of the decedent shall be determined by including the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated—
* * * * * * *. (f) To the extent of any property passing under a general power of…
2Cases cited2 opinions
- Freuler v. HelveringSupreme Court of the United States · 1934
- Whitcomb v. CommissionerUnited States Board of Tax Appeals · 1931