Clement v. Commissioner
United States Tax Court
Where trustees of a testamentary trust made unauthorized loans totaling $ 202,500 from the trust corpus to the life beneficiary, and the beneficiary repaid only $ 163,500 of the advances during her life, held, upon the facts, that the trustees had a valid claim under local law to recover the balance of $ 39,000 from the life beneficiary's estate, which was deductible under section 812 (b) of the Internal Revenue Code in computing her estate tax.
1Opinion of the Court
Estate of Carolyn J. Clement, Deceased, Norman P. Clement, Harold T. Clement, and Stuart H. Clement, Executors, Petitioners, v. Commissioner of Internal Revenue, Respondent
Clement v. Commissioner
Docket No. 12521
United States Tax Court
13 T.C. 19; 1949 U.S. Tax Ct. LEXIS 130;
July 13, 1949, Promulgated
Decision will be entered under Rule 50.
Where trustees of a testamentary trust made unauthorized loans totaling $ 202,500 from the trust corpus to the life beneficiary, and the beneficiary repaid only $ 163,500 of the advances during her life, held, upon the facts, that the trustees had a valid…
2Cases cited7 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Freuler v. HelveringSupreme Court of the United States · 1934
- Moss v. . CohenNew York Court of Appeals · 1899
- In re the Estate of JonesNew York Surrogate's Court · 1935
- In re the Estate of WellsNew York Surrogate's Court · 1937
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