Estate of Davis v. Commissioner
United States Tax Court
On Apr. 17, 1936, decedent and his wife, Ione, contemporaneously executed a separation agreement calling for monthly payments and a trust agreement giving Ione the income for life from assets transferred in trust. Decedent retained powers over the trust which concededly require its inclusion in his gross estate under Code secs. 2036 and 2038, unless the Apr. 17, 1936, transfer was made for adequate and full consideration in money or money's worth.
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On Apr. 17, 1936, decedent and his wife, Ione, contemporaneously executed a separation agreement calling for monthly payments and a trust agreement giving Ione the income for life from assets transferred in trust. Decedent retained powers over the trust which concededly require its inclusion in his gross estate under Code secs. 2036 and 2038, unless the Apr. 17, 1936, transfer was made for adequate and full consideration in money or money's worth. Held, both the separation agreement and transfer in trust were made in consideration of the release of Ione's support rights; held, further, that…
1Opinion of the Court
Featheeson, Judge:
Eespondent determined a deficiency in the estate tax of petitioner in the amount of $22,231.30. The sole issue is what portion, if any, of an inter vivos trust set up for the benefit of the former wife of decedent is includable in his gross estate.
FINDINGS OF FACT
Some of the facts have 'been stipulated and are so found. The stipulation and exhibits thereto are incorporated herein by this reference.
Howard Lee Davis (sometimes hereinafter referred to as decedent) died testate, a resident of Upper Montclair, N.J., on May 9, 1963. lone Davis Jones (hereinafter referred to as…
2Cases cited15 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. DavisSupreme Court of the United States · 1962
- Gregory v. CommissionerUnited States Tax Court · 1963
- United States v. Howard Past, of the Estate of Edna C. Rosedale Ogg, DeceasedCourt of Appeals for the Ninth Circuit · 1965
- Estate of Lela Barry Vardell, Deceased, First National Bank in Dallas v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1962
10 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Estate of Marshall v. CommissionerUnited States Tax Court · 1969
- Estate of Iversen v. CommissionerUnited States Tax Court · 1975
- Heine v. Director of New Jersey Division of TaxationNew Jersey Tax Court · 1989
- Estate of Davis v. CommissionerUnited States Tax Court · 1968
- Estate of Iversen v. CommissionerUnited States Tax Court · 1975
1 more not listed; retrieve them via the Exa API.