Gregory v. Commissioner
United States Tax Court
Decedent's husband died leaving his portion of community property to a testamentary trust. Under the terms of his will, decedent could elect to have her share of the community property pass into the testamentary trust. If she so elected, she would receive for her life the income from the entire corpus of the trust.
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Decedent's husband died leaving his portion of community property to a testamentary trust. Under the terms of his will, decedent could elect to have her share of the community property pass into the testamentary trust. If she so elected, she would receive for her life the income from the entire corpus of the trust. Held, the election by decedent to allow her share of the community property to pass into the trust created by her predeceased husband was a transfer with a retained life estate which did not constitute a bona fide sale for an adequate and full consideration in money or money's…
1Opinion of the Court
Estate of Lillian B. Gregory, Deceased, Bank of America, N.T. & S.A., Executor, Petitioner, v. Commissioner of Internal Revenue, Respondent
Gregory v. Commissioner
Docket No. 93130
United States Tax Court
39 T.C. 1012; 1963 U.S. Tax Ct. LEXIS 171;
March 25, 1963, Filed
Decision will be entered under Rule 50.
Decedent's husband died leaving his portion of community property to a testamentary trust. Under the terms of his will, decedent could elect to have her share of the community property pass into the testamentary trust. If she so elected, she would receive for her life the income from the entire…
2Cases cited33 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Merrill v. FahsSupreme Court of the United States · 1945
- United States v. Provident Trust Co.Supreme Court of the United States · 1934
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