Estate of Crafts v. Commissioner
United States Tax Court
Decedent possessed an inter vivos power of appointment over property held in trust; said property was includable in her gross estate under sec. 2041, I.R.C. 1954. The trust, which had been established under the will of the decedent's predeceased husband, provided for income interests in favor of various individuals as well as a 40-percent income interest for the benefit of the Webb Institute (Webb), a charitable organization.
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Decedent possessed an inter vivos power of appointment over property held in trust; said property was includable in her gross estate under sec. 2041, I.R.C. 1954. The trust, which had been established under the will of the decedent's predeceased husband, provided for income interests in favor of various individuals as well as a 40-percent income interest for the benefit of the Webb Institute (Webb), a charitable organization. The remainder interest was divided between Webb and another charity in the respective proportions of 75 and 25 percent. The estate's representative requested a ruling…
1Opinion of the Court
Estate of Nancy F. Crafts, Deceased, William A. Dicus, Personal Representative, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Crafts v. Commissioner
Docket No. 4443-79
United States Tax Court
74 T.C. 1439; 1980 U.S. Tax Ct. LEXIS 50; 74 T.C. No. 105;
September 25, 1980, Filed
Decision will be entered under Rule 155.
Decedent possessed an inter vivos power of appointment over property held in trust; said property was includable in her gross estate under sec. 2041, I.R.C. 1954. The trust, which had been established under the will of the decedent's predeceased husband, provided…
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