Estate of Alexander v. Commissioner
United States Tax Court
Under decedent's will, his residuary estate was put into a trust. The trustee was directed to determine a specific portion thereof pursuant to a formula clause that would be designated the "wife's share." This amount was to be approximately equal to the maximum Federal estate tax marital deduction in determining the decedent's taxable estate. The remainder of the residuary trust was designated as the "balance."
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Under decedent's will, his residuary estate was put into a trust. The trustee was directed to determine a specific portion thereof pursuant to a formula clause that would be designated the "wife's share." This amount was to be approximately equal to the maximum Federal estate tax marital deduction in determining the decedent's taxable estate. The remainder of the residuary trust was designated as the "balance." Decedent's surviving spouse was to receive all the income of the residuary trust and was given a testamentary power of appointment "over that portion of this trust which shall be equal…
1Opinion of the Court
OPINION
Drennen, Judge:
Respondent determined a deficiency of $165,301.48 in the Federal estate tax of the Estate of C. S. Alexander. After concessions, the sole issue for decision is whether a certain bequest left to a residuary trust qualifies for the marital deduction, and,, if not, whether a savings clause operates to save the marital deduction.
The facts have been fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation of facts and attached exhibits are incorporated herein by reference.
Petitioner Estate of C. S. Alexander is represented herein by…
2Cases cited11 opinions
- James v. United StatesSupreme Court of the United States · 1961
- Commissioner of Internal Revenue v. ProcterCourt of Appeals for the Fourth Circuit · 1944
- Northeastern Pennsylvania National Bank & Trust Co. v. United StatesSupreme Court of the United States · 1967
- In the Matter of John McCandish King, Debtor-Appellee-Cross-Appellant v. United States of America, Appellant-Cross-AppelleeCourt of Appeals for the Tenth Circuit · 1976
- Rose Gelb, Victor Edwin Gelb, Manufacturers Trust Company, Executors, of the Estate of Harry Gelb v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
6 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Charles T. McCord, Jr. and Mary S. McCord, Donors v. CommissionerUnited States Tax Court · 2003
- Estate of Alexander v. CommissionerUnited States Tax Court · 1984
- Estate of Hubert v. CommissionerUnited States Tax Court · 1993
- Estate of Hubert v. CommissionerUnited States Tax Court · 1993
- McCord v. Comm'rUnited States Tax Court · 2003
1 more not listed; retrieve them via the Exa API.