Estate of Green v. Commissioner
United States Tax Court
1. Decedent transferred assets in trust and thereafter in fact received distributions during the remainder of her life which in the aggregate exceeded the net income of the trust. In the gift tax return filed by her upon the creation of the trust the value of a retained life estate was subtracted in computing the amount of the taxable gift.
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1. Decedent transferred assets in trust and thereafter in fact received distributions during the remainder of her life which in the aggregate exceeded the net income of the trust. In the gift tax return filed by her upon the creation of the trust the value of a retained life estate was subtracted in computing the amount of the taxable gift. Held, decedent retained the "enjoyment" of the assets transferred in trust within sec. 2036(a)(1), I.R.C. 1954, by reason of at least an implied understanding, found herein, that the income therefrom would be distributed to her. Cf. Skinner's Estate v.…
1Opinion of the Court
Raum, Judge:
The Commissioner determined a deficiency in decedent’s Federal estate tax in the amount of $304,482.07. Both parties have made certain concessions, and the principal issues remaining for decision are the following:(1) Did decedent, in respect of property which she transferred in trust, retain an interest therein which would require the inclusion of its value in her gross estate pursuant to section 2036(a)(1), I.R.C. 1954?
FINDINGS OF FACT
The parties have filed a stipulation of facts which, together with the accompanying exhibits, is incorporated herein by this reference.
Marguerite…
2Cases cited22 opinions
- Estate of Sanford v. CommissionerSupreme Court of the United States · 1939
- Henslee v. Union Planters National Bank & Trust Co.Supreme Court of the United States · 1949
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- Commissioner v. Estate of ChurchSupreme Court of the United States · 1949
- Commissioner v. Estate of HolmesSupreme Court of the United States · 1946
17 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Estate of Paxton v. CommissionerUnited States Tax Court · 1986
- Florence A. Haneke v. United States of America, Florence A. Haneke v. United StatesCourt of Appeals for the Fourth Circuit · 1977
- ESTATE OF Mc CAMMON v. COMMISSIONERUnited States Tax Court · 1980
- Estate of Buchholtz v. CommissionerUnited States Tax Court · 1977
- Estate of Green v. CommissionerUnited States Tax Court · 1975
2 more not listed; retrieve them via the Exa API.