Bank of Am. Nat'l Trust & Sav. Ass'n v. Commissioner
United States Board of Tax Appeals
A resident of California in 1929 transferred in trust a tract of land separately owned by him and a tract for which his wife paid one-ninth of the cost with separate funds and both signed a note for the remainder, secured by mortgage on both tracts. The trust was revocable, and the husband was entitled to the use and income of the land for life. In 1931 he and his wife signed an agreement that all their property be held in community.
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A resident of California in 1929 transferred in trust a tract of land separately owned by him and a tract for which his wife paid one-ninth of the cost with separate funds and both signed a note for the remainder, secured by mortgage on both tracts. The trust was revocable, and the husband was entitled to the use and income of the land for life. In 1931 he and his wife signed an agreement that all their property be held in community. The mortgage note was paid with income from the tracts. Held, the value of the husband's gross estate uopn his death in 1937 includes (1) one-half of the value…
1Opinion of the Court
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, AS EXECUTOR OF THE LAST WILL AND TESTAMENT AND OF THE ESTATE OF WILLIAM JOHN MCGOWAN, DECEASED, AND AS TRUSTEE UNDER TRUST AGREEMENT EXECUTED BY WILLIAM JOHN MCGOWAN IN HIS LIFETIME, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Bank of Am. Nat'l Trust & Sav. Ass'n v. Commissioner
Docket No. 100967.
United States Board of Tax Appeals
43 B.T.A. 695; 1941 BTA LEXIS 1468;
February 19, 1941, Promulgated
A resident of California in 1929 transferred in trust a tract of land separately owned by him and a tract for which his wife paid…
2Cases cited10 opinions
- Helvering v. City Bank Farmers Trust Co.Supreme Court of the United States · 1935
- Van Camp v. Van CampCalifornia Court of Appeal · 1921
- Wahlefeld v. WahlefeldCalifornia Court of Appeal · 1930
- Estate of SillCalifornia Court of Appeal · 1932
- Yoakam v. KingeryCalifornia Supreme Court · 1899
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