Gregory v. Commissioner
United States Tax Court
Decedent's husband died leaving his portion of community property to a testamentary trust. Under the terms of his will, decedent could elect to have her share of the community property pass into the testamentary trust. If she so elected, she would receive for her life the income from the entire corpus of the trust.
Read the full summary
Decedent's husband died leaving his portion of community property to a testamentary trust. Under the terms of his will, decedent could elect to have her share of the community property pass into the testamentary trust. If she so elected, she would receive for her life the income from the entire corpus of the trust. Held, the election by decedent to allow her share of the community property to pass into the trust created by her predeceased husband was a transfer with a retained life estate which did not constitute a bona fide sale for an adequate and full consideration in money or money's…
1Opinion of the Court
OPINION.
FoRRester, Judge:
The respondent has determined a deficiency in the estate tax of petitioner’s decedent in the amount of $20,328.59.1 The petitioner herein is the executor of the estate of Lillian B. Gregory, deceased. The Federal estate tax return for the decedent’s " estate was filed with the district director of internal revenue for San Francisco, California. Certain agreed adjustments will be made under Rule 50, and the only remaining issues are whether decedent retained a life estate under the purview of section 2036 2 and, if so, the amount, if any, of consideration received for…
2Cases cited31 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Merrill v. FahsSupreme Court of the United States · 1945
- United States v. Provident Trust Co.Supreme Court of the United States · 1934
26 more not listed; retrieve them via the Exa API.
3Cited by50 opinions
- Estate of Christ v. Comm'rUnited States Tax Court · 1970
- Glen v. CommissionerUnited States Tax Court · 1966
- United States v. Howard Past, of the Estate of Edna C. Rosedale Ogg, DeceasedCourt of Appeals for the Ninth Circuit · 1965
- Estate of Cyril I. Magnin, Deceased Donald Isaac Magnin v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1999
- John Michael Wheeler, Independent of the Estate of Elmore K. Melton, Jr. v. United StatesCourt of Appeals for the Fifth Circuit · 1997
45 more not listed; retrieve them via the Exa API.