Wallace v. Commissioner
United States Board of Tax Appeals
In 1920, the decedent transferred certain property to a trustee, to pay the income thereof to her during her life and upon her death to pay the corpus of the trust over to her daughter, "if she be living"; in the event the daughter predeceased the grantor, the property reverted to the grantor.
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In 1920, the decedent transferred certain property to a trustee, to pay the income thereof to her during her life and upon her death to pay the corpus of the trust over to her daughter, "if she be living"; in the event the daughter predeceased the grantor, the property reverted to the grantor. Held, under New York law the daughter took a vested remainder by the execution of the trust instrument in 1920. Held, further, the death of the grantor in 1928 was not the generating source of definite accessions to the property rights of the survivor and there was no transfer of property from the dead…
1Opinion of the Court
ELIZABETH B. WALLACE, EXECUTRIX UNDER THE LAST WILL AND TESTAMENT OF EMMA A. MILLER, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Wallace v. Commissioner
Docket Nos. 59414, 59970.
United States Board of Tax Appeals
27 B.T.A. 902; 1933 BTA LEXIS 1282;
March 11, 1933, Promulgated
In 1920, the decedent transferred certain property to a trustee, to pay the income thereof to her during her life and upon her death to pay the corpus of the trust over to her daughter, "if she be living"; in the event the daughter predeceased the grantor, the property reverted to the grantor. Held,…
2Cases cited30 opinions
- Knowlton v. MooreSupreme Court of the United States · 1900
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Tyler v. United StatesSupreme Court of the United States · 1930
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