Estate of Beckwith v. Commissioner
United States Tax Court
Decedent transferred stock in a closely held corporation to a trust, and under the terms of the trust instrument the transfer was a complete one within the meaning of sec. 2036, I.R.C. 1954. Through proxy rights annually granted to him, he exercised voting rights over a majority of the stock of the corporation.
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Decedent transferred stock in a closely held corporation to a trust, and under the terms of the trust instrument the transfer was a complete one within the meaning of sec. 2036, I.R.C. 1954. Through proxy rights annually granted to him, he exercised voting rights over a majority of the stock of the corporation. Held, decedent did not retain either the possession or enjoyment of the stock within the meaning of sec. 2036(a)(1), I.R.C. 1954, or the right to designate the persons who shall possess the stock or the income therefrom within the meaning of sec. 2036(a)(2), I.R.C. 1954.
1Opinion of the Court
FeatheRston, Judge:
Respondent determined a deficiency in petitioners’ Federal estate tax in the amount of 69,837.31. The only issue presented for decision is whether the assets of the Harry H. Beckwith Trusts are includable in the decedent’s gross estate under section 2036 (a) ,1 as a transfer with a retained life estate.
BINDINGS OP PACT
Edward P. Brown and Ada 0. Symes, petitioners herein, are co-executors of the Estate of Harry H. Beckwith, who died October 5, 1964. Both petitioners were legal residents of Boston, Mass., at the time the petition was filed. They filed a Federal estate tax…
2Cases cited21 opinions
- Commissioner v. Estate of ChurchSupreme Court of the United States · 1949
- United States v. Estate of GraceSupreme Court of the United States · 1969
- United States v. O'MALLEYSupreme Court of the United States · 1966
- Estate of Daniel McNichol Deceased, Ellen McNichol Evangelista and Joseph G. McNichol Executors v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- White v. PoorSupreme Court of the United States · 1935
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