Johnstone v. Commissioner
United States Board of Tax Appeals
ESTATE TAX. - Upon the facts it is held that decedent, under two conveyances in trust by him, reserved the right to exercise a control over the ultimate disposition of the trust estates and the value of the trust corpus in each instance is accordingly to be included in his gross estate under section 302(d) of the Revenue Act of 1926. Held, further, in respect to a third trust of which decedent was a beneficiary for life with a general power of disposition of the trust corpus…
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ESTATE TAX. - Upon the facts it is held that decedent, under two conveyances in trust by him, reserved the right to exercise a control over the ultimate disposition of the trust estates and the value of the trust corpus in each instance is accordingly to be included in his gross estate under section 302(d) of the Revenue Act of 1926. Held, further, in respect to a third trust of which decedent was a beneficiary for life with a general power of disposition of the trust corpus by his will, subject, however, to a right of revocation in the donor, that decedent, having exercised by will the power…
1Opinion of the Court
*960OPINION.
Leech :
The respondent contends that the transfers made by trust A and trust B were intended to take effect in possession or enjoyment at or after the decedent’s death, that in trust B the decedent reserved the power to alter, amend, or revoke the trust, and that the properties constituting the corpus in all three trusts passed by general powers of appointment which were conferred on the decedent by the respective instruments creating the trust and which were exercised by him by will. Consequently, the respondent contends that the corpus of all three trusts should be included in the…
2Cases cited17 opinions
- Knowlton v. MooreSupreme Court of the United States · 1900
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Nichols v. CoolidgeSupreme Court of the United States · 1927
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
12 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Estate of Margrave v. CommissionerUnited States Tax Court · 1978
- Bowers v. CommissionerUnited States Board of Tax Appeals · 1936
- Estate of Margrave v. CommissionerUnited States Tax Court · 1978
- Estate of Margrave v. CommissionerUnited States Tax Court · 1978
- Johnstone v. CommissionerUnited States Board of Tax Appeals · 1934