Estate of James v. Commissioner
United States Tax Court
A decedent's will left his residuary estate in trust with the income payable to certain beneficiaries for life. It also provided that the principal might be invaded on behalf of the beneficiaries, during their lives, "either for comfortable maintenance and support, for educational requirements, illness, operations, or for any reason whatsoever which shall to my Trustees, in their sole discretion, seem sufficient."
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A decedent's will left his residuary estate in trust with the income payable to certain beneficiaries for life. It also provided that the principal might be invaded on behalf of the beneficiaries, during their lives, "either for comfortable maintenance and support, for educational requirements, illness, operations, or for any reason whatsoever which shall to my Trustees, in their sole discretion, seem sufficient." The remainder interest in the trust went in fee to a charity which qualifies under section 2055 of the 1954 Code for the charitable deduction. Held: The trustees were not limited in…
1Opinion of the Court
Estate of Charles H. James, Deceased, The First Pennsylvania Banking and Trust Company, and Charles Mason James, Executors, Petitioner, v. Commissioner of Internal Revenue, Respondent
Estate of James v. Commissioner
Docket No. 93291
United States Tax Court
40 T.C. 494; 1963 U.S. Tax Ct. LEXIS 107;
June 4, 1963, Filed
Decision will be entered under Rule 50.
A decedent's will left his residuary estate in trust with the income payable to certain beneficiaries for life. It also provided that the principal might be invaded on behalf of the beneficiaries, during their lives, "either for comfortable…
2Cases cited9 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- 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
- Berry v. KuhlCourt of Appeals for the Seventh Circuit · 1949
- Houston Fearless Corporation v. Guy Teter, No. I.A. 25Court of Appeals for the Tenth Circuit · 1962
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