Estate of Craft v. Commissioner
United States Tax Court
Decedent transferred property in trust and retained, as grantor, the power to add new beneficiaries and to change the respective beneficial interests therein.
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Decedent transferred property in trust and retained, as grantor, the power to add new beneficiaries and to change the respective beneficial interests therein. Under the terms of decedent's will, the executor was to receive a fee of $ 5,000. After decedent's death, the executor's duties regarding the administration of the estate became quite substantial and time consuming, and he petitioned the Probate Court for, and later received, a fee of $ 63,722.66 in lieu of the $ 5,000 provided for in the will. Held, use of the parol evidence rule examined and such rule considered as a rule of…
1Opinion of the Court
Forrester, Judge:
Respondent has determined a deficiency in estate tax of $237,383.78. Concessions having been made, the issues remaining for our decision are as follows:(1) Whether certain property, which was transferred in trust by decedent during his lifetime, is includable in his gross estate under sections 20361 and 2038; and(2) Whether petitioner is entitled to a deduction under section 2053 for executor’s commissions in the amount of $63,722.66, or whether such deduction should be limited to $5,000.
FINDINGS OF FACT
James E. Craft (Craft or decedent) died testate on November 17, 1969. At…
2Cases cited47 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Blair v. CommissionerSupreme Court of the United States · 1937
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Helvering v. StuartSupreme Court of the United States · 1942
- Commissioner v. LesterSupreme Court of the United States · 1961
42 more not listed; retrieve them via the Exa API.
3Cited by67 opinions
- Elrod v. CommissionerUnited States Tax Court · 1986
- Smith v. CommissionerUnited States Tax Court · 1984
- Thoburn v. CommissionerUnited States Tax Court · 1990
- Meredith Corp. v. CommissionerUnited States Tax Court · 1994
- Gulf Oil Corp. v. CommissionerUnited States Tax Court · 1986
62 more not listed; retrieve them via the Exa API.