Holmes v. Commissioner
United States Board of Tax Appeals
1. A trustee is not a beneficiary and, therefore, not an adverse party in interest in relation to the grantor. Reinecke v. Smith,289 U.S. 172. 2. Where decedent created a trust providing that the income, after the payment of certain annuities, should be paid to her during her lifetime, with remainder to specified beneficiaries upon her death, and decedent retained the power in conjunction with the trustee "to alter and amend this trust instrument in any respect, but not to…
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1. A trustee is not a beneficiary and, therefore, not an adverse party in interest in relation to the grantor. Reinecke v. Smith,289 U.S. 172. 2. Where decedent created a trust providing that the income, after the payment of certain annuities, should be paid to her during her lifetime, with remainder to specified beneficiaries upon her death, and decedent retained the power in conjunction with the trustee "to alter and amend this trust instrument in any respect, but not to the extent of revoking the same." held, the sipulated value of the trust property at decedent's death was properly…
1Opinion of the Court
OPINION.
Tkammell :
This is a proceeding for the redetermination of a deficiency in estate tax in the amount of $130,048.93. The sole error assigned by the petitioners and submitted for decision is “ The inclusion in gross estate of the value at the date of death, to wit, $471,-610.28, of property transferred by the decedent under declaration of trust dated May 1, 1906 as amended September 25, 1918 and October 31,1928.”
*98The decedent died on September 28, 1929, and the question here presented is governed by the Revenue Act of 1926, the pertinent provisions of which are set out in the margin.1
The…
2Cases cited7 opinions
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Porter v. CommissionerSupreme Court of the United States · 1933
- Reinecke v. SmithSupreme Court of the United States · 1933
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Boston Safe Deposit & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Holmes v. CommissionerUnited States Board of Tax Appeals · 1934
- Korn v. CommissionerUnited States Board of Tax Appeals · 1937