Schwartz v. Commissioner
United States Tax Court
1. Decedent died intestate in 1944 at the age of 98. Decedent on June 4, 1932, transferred substantially all of her property to her children in return for their promise to pay her the amount of $ 7,000 each year for the remainder of her natural life. The amount of $ 7,000 was the estimated annual income that the property would yield. The decedent was 86 years old at the time of the transfer, but was in good health at the time the transfer was made.
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1. Decedent died intestate in 1944 at the age of 98. Decedent on June 4, 1932, transferred substantially all of her property to her children in return for their promise to pay her the amount of $ 7,000 each year for the remainder of her natural life. The amount of $ 7,000 was the estimated annual income that the property would yield. The decedent was 86 years old at the time of the transfer, but was in good health at the time the transfer was made. The children at the same time transferred the property to a trust company under a trust indenture which provided that the income up to $ 7,000 a…
1Opinion of the Court
OPINION.
Black, Judge:
The issues presented in this proceeding are (1) Whether the transfer by decedent on June 4,1932, of property of the value of $147,366.33 is includible in decedent’s gross estate under section 811 (c) of the Internal Revenue Code, and (2) whether decedent made a valid transfer in 1935 of furniture, jewelry, and other personal property of the value of $3,000 to her daughter.
Issue No. 1. — Respondent contends that the transfer was made in contemplation of death within the meaning of the statute and the value of the transferred assets is includible in decedent’s gross estate.…
2Cases cited5 opinions
- United States v. WellsSupreme Court of the United States · 1931
- May v. HeinerSupreme Court of the United States · 1930
- Allen v. Trust Co. of Ga.Supreme Court of the United States · 1946
- Bergan v. CommissionerUnited States Tax Court · 1943
- Hall v. CommissionerUnited States Tax Court · 1946
3Cited by24 opinions
- Bixby v. CommissionerUnited States Tax Court · 1972
- McNichol v. CommissionerUnited States Tax Court · 1958
- Lazarus v. CommissionerUnited States Tax Court · 1972
- Athanasius Y. Samuel v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1962
- La Fargue v. CommissionerUnited States Tax Court · 1979
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