Estate of Borner v. Commissioner
United States Tax Court
Where a husband and wife, holding property as tenants by the entireties, transferred such property to an irrevocable trust, reserving the income to themselves for their joint lives and for the life of the survivor, held, such property was includible in the husband's gross estate under section 811 (c) of the 1939 Code, both as a transfer in contemplation of death and a transfer in trust with the right to income reserved for life, and held, further, that only one-half the…
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Where a husband and wife, holding property as tenants by the entireties, transferred such property to an irrevocable trust, reserving the income to themselves for their joint lives and for the life of the survivor, held, such property was includible in the husband's gross estate under section 811 (c) of the 1939 Code, both as a transfer in contemplation of death and a transfer in trust with the right to income reserved for life, and held, further, that only one-half the value of such property is includible in decedent's gross estate.
1Opinion of the Court
OPINION.
Mulroney, Judge:
Decedent and his wife, Bertha J. Bomer, both being then 62 years old, made a transfer in trust of stock and securities owned by them as tenants by the entireties. At the date of such transfer, May 18,1938, this property had a value of $85,140.41, and at the optional valuation date (sec. 811 (j)), the value was $102,818.31. Consideration for the stock and securities owned by decedent and his wife as tenants by the entireties had been furnished by the decedent alone. The trust was irrevocable, and the settlors reserved the income for the joint lives and for the life of…
2Cases cited6 opinions
- Sullivan's Estate v. Commissioner of Internal Rev.Court of Appeals for the Ninth Circuit · 1949
- Sullivan v. CommissionerUnited States Tax Court · 1948
- Estate of Don Murillo Brockway, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1954
- Hornor's Estate v. COMMISSIONER OF INTERNAL REVENUECourt of Appeals for the Third Circuit · 1942
- Zipperlein EstateSupreme Court of Pennsylvania · 1951
1 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Gregory v. CommissionerUnited States Tax Court · 1963
- Herman Glaser, Jr., as Administrator of the Estate of Herman Glaser, Sr., Deceased v. United StatesCourt of Appeals for the Seventh Circuit · 1962
- Estate of Honickman v. CommissionerUnited States Tax Court · 1972
- Barry v. WoodsTennessee Supreme Court · 1980
- Estate of Carnall v. CommissionerUnited States Tax Court · 1955
17 more not listed; retrieve them via the Exa API.