Walston v. Commissioner
United States Tax Court
1. Petitioner, the donee of a special power of appointment under the will of her father, executed the power in 1920, appointing her brother to receive the income of share C of a trust created by the will, reserving "the full power of modification, reservation, revocation and other or different appointments hereinafter from time to time [to] make and revoke, granted to me under the will of said testator."
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1. Petitioner, the donee of a special power of appointment under the will of her father, executed the power in 1920, appointing her brother to receive the income of share C of a trust created by the will, reserving "the full power of modification, reservation, revocation and other or different appointments hereinafter from time to time [to] make and revoke, granted to me under the will of said testator." Thereafter, and until September 24, 1938, the income of share C was paid by trustees to her brother. Held, the petitioner is not liable for gift tax on the income received by her brother from…
1Opinion of the Court
OPINION.
Harlan, Judge:
Petitioner contends that she did not make a gift in any of the taxable years. She urges that, in determining the operation and effect of the transfers and whether they resulted in transfers by gift or by inheritance, the law of New York must be applied; that the outstanding estates at the time of the execution of the 1920 deed were a vested life estate in her and a vested remainder in her children and Amy; that these estates were subject to powers given her which when exercised divested them; that these powers authorized her to appoint any person of the testator’s blood…
2Cases cited11 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- Jones v. CliftonSupreme Court of the United States · 1880
- In Re the Appraisal Under the Transfer Tax Act of a Certain Trust Fund Held by HarbeckNew York Court of Appeals · 1900
6 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Robinson v. CommissionerUnited States Tax Court · 1980
- Self v. United StatesUnited States Court of Claims · 1956
- Estate of Regester v. CommissionerUnited States Tax Court · 1984
- Black v. CommissionerUnited States Tax Court · 1965
- Estate of Regester v. CommissionerUnited States Tax Court · 1984
2 more not listed; retrieve them via the Exa API.