Estate of Penner v. Commissioner
United States Tax Court
The decedent possessed at the time of her death, a power to appoint for a "business purpose" property held in a testamentary trust. Held, decedent's power was not limited by an "ascertainable standard" within the meaning of sec. 2041(b)(1)(A), I.R.C. 1954.
1Opinion of the Court
Estate of Alice B. Penner, Deceased, Abraham Penner, David I. Penner, and Daniel B. Penner, Executors, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Penner v. Commissioner
Docket No. 5721-74
United States Tax Court
67 T.C. 864; 1977 U.S. Tax Ct. LEXIS 147;
February 28, 1977, Filed
Decision will be entered for the respondent.
The decedent possessed at the time of her death, a power to appoint for a "business purpose" property held in a testamentary trust. Held, decedent's power was not limited by an "ascertainable standard" within the meaning of sec. 2041(b)(1)(A), I.R.C. 1954.
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2Cases cited11 opinions
- Morgan v. CommissionerSupreme Court of the United States · 1940
- In re Will of LarkinNew York Court of Appeals · 1961
- In re the Estate of DammannNew York Court of Appeals · 1963
- Clarence Blagen Fish, Administrator With the Will Annexed of the Estate of Minnie C. Blagen, Deceased v. United StatesCourt of Appeals for the Ninth Circuit · 1970
- Pittsfield National Bank v. United StatesDistrict Court, D. Massachusetts · 1960
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