Estate of Sumner v. Commissioner
United States Tax Court
Decedent established a testamentary trust, which was to distribute income to charitable and noncharitable beneficiaries and the remainder to charity. The trustee was given certain discretionary powers with respect to the investment of trust property, the payment of certain obligations, and the allocation of receipts between income and principal.
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Decedent established a testamentary trust, which was to distribute income to charitable and noncharitable beneficiaries and the remainder to charity. The trustee was given certain discretionary powers with respect to the investment of trust property, the payment of certain obligations, and the allocation of receipts between income and principal. The decedent also provided his wife with the election to take under his will if she would surrender her interest in certain community property. She so elected, and the value of property interest which she surrendered exceeded the value of the property…
1Opinion of the Court
Simpson, Judge:
The respondent determined a deficiency of $119,-56428 in the Federal estate tax of the Estate of Mose Sumner. Some of the issues have been settled, and the issues remaining for decision are: (1) Whether the fact that the trustee under a testamentary trust had certain discretionary powers with respect to the investment of property, the payment of enumerated obligations, and the allocation of receipts between income and principal caused the value of the charitable remainder to be unascertainable for estate tax purposes, and (2) whether the value of the charitable remainder should…
2Cases cited27 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Henslee v. Union Planters National Bank & Trust Co.Supreme Court of the United States · 1949
- Commissioner v. Estate of SternbergerSupreme Court of the United States · 1955
- United States v. StapfSupreme Court of the United States · 1964
- Boyd v. Frost National Bank of S.A.Texas Supreme Court · 1946
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3Cited by2 opinions
- David H. Melasky & Audrey Melasky v. CommissionerUnited States Tax Court · 2018
- Estate of Sumner v. CommissionerUnited States Tax Court · 1973