Peterson v. Commissioner
United States Tax Court
Decedent and his wife executed a joint and mutual will in which the estate of the first to die was left to the other and the survivor's estate was left to their children. Under applicable State law (Nebraska), the contractual nature of the will would be construed to create a life estate with a limited power of use and disposition in the widow with respect to all property passing to her from decedent within the meaning of the 1939 Code.
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Decedent and his wife executed a joint and mutual will in which the estate of the first to die was left to the other and the survivor's estate was left to their children. Under applicable State law (Nebraska), the contractual nature of the will would be construed to create a life estate with a limited power of use and disposition in the widow with respect to all property passing to her from decedent within the meaning of the 1939 Code. In addition to the probate estate, the lump-sum proceeds of life insurance policies, United States Savings Bonds (Series E), and real estate passed to the…
1Opinion of the Court
OPINION.
FisheR, Judge:
The facts are stipulated by the parties and are incorporated herein by this reference. Only those facts necessary to an understanding of the issue involved herein are set out below.
On June 29,1949, decedent and his wife executed a joint and mutual will in which they provided in part as follows:
FIRST: The first to die directs that his or her funeral expenses, all just debts and the costs and expenses of administration of his or her estate he paid out of his or her personal property. If that be insufficient, the first to die hereby authorizes his or her executor or…
2Cases cited6 opinions
- Helvering v. StuartSupreme Court of the United States · 1942
- Brown v. WebsterNebraska Supreme Court · 1912
- Annable v. RicedorffNebraska Supreme Court · 1941
- Awtry v. CommissionerUnited States Tax Court · 1954
- Mack v. SwansonNebraska Supreme Court · 1941
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Estate of Vermilya v. CommissionerUnited States Tax Court · 1963
- United States v. Larue Ford, as of the Estate of P. Robert Ford, DeceasedCourt of Appeals for the Eighth Circuit · 1967
- Nelson v. CommissionerUnited States Tax Court · 1955
- Estate of Gust Marion Peterson, Deceased, Mary E. Peterson v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1955
- Estate of Vermilya v. CommissionerUnited States Tax Court · 1963
2 more not listed; retrieve them via the Exa API.