Estate of Penner v. Commissioner
United States Tax Court
The decedent possessed at the time of her death, a power to appoint for a "business purpose" property held in a testamentary trust. Held, decedent's power was not limited by an "ascertainable standard" within the meaning of sec. 2041(b)(1)(A), I.R.C. 1954.
1Opinion of the Court
OPINION
Goffe, Judge:
The Commissioner determined a deficiency in Federal estate tax due from the Estate of Alice B. Penner, deceased, in the amount of $78,083.44. Due to concessions, the sole issue remaining for decision is whether the decedent at the date of her death possessed a general power of appointment within the meaning of section 20411 sufficient to cause the corpus of a testamentary trust created under the will of Mrs. Rena H. Bernheim to be includable in her gross estate. Should we decide that the decedent did possess such a power, we must also ascertain the amount subject thereto.…
2Cases cited10 opinions
- Morgan v. CommissionerSupreme Court of the United States · 1940
- In re Will of LarkinNew York Court of Appeals · 1961
- In re the Estate of DammannNew York Court of Appeals · 1963
- Strite v. McGinnesCourt of Appeals for the Third Circuit · 1964
- Clarence Blagen Fish, Administrator With the Will Annexed of the Estate of Minnie C. Blagen, Deceased v. United StatesCourt of Appeals for the Ninth Circuit · 1970
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3Cited by1 opinion
- Estate of Penner v. CommissionerUnited States Tax Court · 1977