Legg v. Commissioner
United States Board of Tax Appeals
1. ESTATE TAX - GROSS ESTATE - POWERS OF APPOINTMENT. - In determining whether the exercise of a power of appointment by will in Pennsylvania violates the rule against perpetuities, the actual facts as opposed to the possibilities govern, and where the donee of a power exercises it by placing the property in trust for the life of her children and twenty-one years thereafter, and it appears that at her death she had but one child, who was alive at the time of the death of the…
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1. ESTATE TAX - GROSS ESTATE - POWERS OF APPOINTMENT. - In determining whether the exercise of a power of appointment by will in Pennsylvania violates the rule against perpetuities, the actual facts as opposed to the possibilities govern, and where the donee of a power exercises it by placing the property in trust for the life of her children and twenty-one years thereafter, and it appears that at her death she had but one child, who was alive at the time of the death of the donor, the rule against perpetuities is not violated. 2. Id. - Spendthrift provisions of donor's will were intended to…
1Opinion of the Court
*1076OPINION.
Murdock:
The petitioner makes two arguments in support of its contention that the value of the remainder interests should not be included in the gross estate of the decedent as property passing under a general power of appointment. Sec. 302 (f), Eevenue Act of 1926. The first argument is that the attempted exercise of the power was partially void since it was in violation of the rule against perpetuities and, as a consequence, only the life estates actually passed under the attempted exercise of the power. The second argument is that the power granted to the decedent was a special and…
2Cases cited8 opinions
- McArthur v. ScottSupreme Court of the United States · 1885
- Warren's EstateSupreme Court of Pennsylvania · 1935
- Hall's EstateSupreme Court of Pennsylvania · 1915
- Cox v. DicksonSupreme Court of Pennsylvania · 1917
- Smith's AppealSupreme Court of Pennsylvania · 1879
3 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- C. Blake McDowell, Inc. v. CommissionerUnited States Tax Court · 1978
- Jensen v. CommissionerUnited States Tax Court · 1997
- C. Blake McDowell, Inc. v. CommissionerUnited States Tax Court · 1978
- Legg v. CommissionerUnited States Board of Tax Appeals · 1939