Estate of Loewenstein v. Commissioner
United States Tax Court
1. Funds held by a resident trustee in the general bank account of the trust for the benefit of a nonresident alien, the sole life beneficiary, held, not excludible from her gross estate as bank deposits "by or for" a nonresident alien, within the meaning of section 863 (b), I. R. C. 2. Value of real estate determined for estate tax purposes.
1Opinion of the Court
OPINION.
LeMire, Judge:
Our first question is whether the cash deposits held in the bank accounts of the trust are excludible from the gross estate under section 863 (b), Internal Revenue Code.1 The decedent being a nonresident alien not engaged in business in the United States, the question is whether the funds were “deposited with any person carrying on the banking business, by or for” her. We think that they were not. The funds were not profits or distributable income of the trust but were funds which the trustee had deposited in the bank account of the trust for his use as trustee. They had…
2Cases cited4 opinions
- Weiss v. CommissionerUnited States Tax Court · 1946
- Estate of Davey v. CommissionerUnited States Tax Court · 1948
- Gade v. CommissionerUnited States Tax Court · 1948
- City Bank Farmers Trust Co. v. PedrickCourt of Appeals for the Second Circuit · 1948
3Cited by5 opinions
- Estate of Spruill v. CommissionerUnited States Tax Court · 1987
- Estate of Shlensky v. CommissionerUnited States Tax Court · 1977
- Estate of Loewenstein v. CommissionerUnited States Tax Court · 1951
- Estate of Spruill v. CommissionerUnited States Tax Court · 1987
- Householder v. CommissionerUnited States Tax Court · 1989