Estate of O'Connor v. Commissioner
United States Tax Court
Decedent left one-half of his net estate in trust (marital trust) for his wife, who was given the income therefrom, a general testamentary power of appointment, and a power to withdraw any or all of corpus at any time by filing a written election with the trustees.
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Decedent left one-half of his net estate in trust (marital trust) for his wife, who was given the income therefrom, a general testamentary power of appointment, and a power to withdraw any or all of corpus at any time by filing a written election with the trustees. Shortly after decedent's death, the wife filed a written election with the executors-trustees to withdraw all of the corpus of said trust and, that same day, executed an assignment of all of her rights therein to a charitable foundation. The foundation received cash and securities which constituted principal and income of the…
1Opinion of the Court
Estate of A. Lindsay O'Connor, Deceased, Dermod Ives and United States Trust Company of New York, Executors, Trust under Article Fourth, Subdivision I, of the Will of A. Lindsay O'Connor, Deceased (Marital Trust), Dermod Ives and United States Trust Company of New York, Trustees, and Olive B. Price, Robert L. and Lucille S. Bishop, and Donald F. and Edna G. Bishop, Individually, Petitioners v. Commissioner of Internal Revenue, Respondent
Estate of O'Connor v. Commissioner
Docket No. 7156-74
United States Tax Court
69 T.C. 165; 1977 U.S. Tax Ct. LEXIS 28;
November 3, 1977, Filed
Decision will be…
Also in this document: Dissent · Scott; Dissent · Fay; Dissent · Sterrett.
2Cases cited44 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Corliss v. BowersSupreme Court of the United States · 1930
- Blair v. CommissionerSupreme Court of the United States · 1937
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Norwood v. CommissionerUnited States Tax Court · 1976
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