Low v. Commissioner
United States Tax Court
1. Decedent created a trust during her lifetime, reserving the trust income to herself for life. Upon her death the principal was to be paid to her heirs at law and next of kin living at the date of her death, to be divided among them in the same manner as though she had died intestate.
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1. Decedent created a trust during her lifetime, reserving the trust income to herself for life. Upon her death the principal was to be paid to her heirs at law and next of kin living at the date of her death, to be divided among them in the same manner as though she had died intestate. Held, that trust was testamentary in character and was intended to take effect in possession and enjoyment after death, and the trust corpus is includible in decedent's gross estate under the provisions of section 811 (c) of the Internal Revenue Code. 2. Decedent created two separate irrevocable trusts for the…
1Opinion of the Court
OPINION.
Harron, Judge:
Issue 1. — The first question is whether the value of the corpus of the trust created by decedent on September 25, 1923, is includible in her gross estate. The respondent has included it in the gross estate in his determination of the deficiency under his construction of section 811 (c) of the Internal Eevenue Code.1
Eespondent contends that the total value of the assets in the hands of the trustees at the date of decedent’s death ($1,266,723.40) is includible in decedent’s gross estate (1) as a transfer under which decedent retained for her life the possession and…
2Cases cited24 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Helvering v. HallockSupreme Court of the United States · 1940
- United States v. WellsSupreme Court of the United States · 1931
- Reinecke v. Northern Trust Co.Supreme Court of the United States · 1929
- Hassett v. WelchSupreme Court of the United States · 1938
19 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Hall v. CommissionerUnited States Tax Court · 1946
- Estate of Lenna v. CommissionerUnited States Tax Court · 1960
- Hall v. CommissionerUnited States Tax Court · 1946
- Low v. CommissionerUnited States Tax Court · 1943