Canfield v. Commissioner
United States Tax Court
1. By trust agreement executed in 1919, decedent transferred securities in trust to herself and a bank, as trustees, reserving to herself the income therefrom for life and the right to appoint by will the distribution of the trust estate after her death. The trust agreement also provided how and to whom the trust estate should be distributed on her death if decedent failed to exercise her testamentary power of appointment.
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1. By trust agreement executed in 1919, decedent transferred securities in trust to herself and a bank, as trustees, reserving to herself the income therefrom for life and the right to appoint by will the distribution of the trust estate after her death. The trust agreement also provided how and to whom the trust estate should be distributed on her death if decedent failed to exercise her testamentary power of appointment. Decedent reserved no right to revoke, alter, or amend the trust agreement and it was irrevocable under the laws of New York. By written instrument dated December 15, 1942,…
1Opinion of the Court
OPINION.
Deennen, Judge:
Respondent determined a deficiency in gift tax liability of Ellie G. Canfield, deceased, for the year 1942 in the amount of $35,293.58, and a net estate tax deficiency against her estate in the amount of $117,153.13.
The issues for decision are: (1) "Whether the release of a reserved testamentary general power of appointment by decedent in 1942 constituted a taxable gift of the remainder value of the trust corpus at the time of such relinquishment, or was exempt from gift tax under section 1000(e), I.R.C. 1939; and (2) whether the corpus of the trust created by the…
2Cases cited20 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- May v. HeinerSupreme Court of the United States · 1930
- Commissioner v. Estate of ChurchSupreme Court of the United States · 1949
- Helvering v. WoodSupreme Court of the United States · 1940
- Lehman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1940
15 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Commissioner of Internal Revenue v. Estate of Ellis Branson Ridgway, Deceased, Craig Sawyer Ridgway and Ellis Branson Ridgway, Jr., ExecutorsCourt of Appeals for the Third Circuit · 1961
- Commissioner of Internal Revenue v. Estate of Ellie G. Canfield, Deceased, Karl B. Smith, Jr., Administrator, C.T.A.Court of Appeals for the Second Circuit · 1962
- Estate of Marshall v. CommissionerUnited States Tax Court · 1969
- Estate of Thomson v. CommissionerUnited States Tax Court · 1972
- Talbott v. CommissionerUnited States Tax Court · 1967
12 more not listed; retrieve them via the Exa API.