Estate of Drake v. Commissioner
United States Tax Court
Held: (1) When decedent transferred property to herself and her husband as joint tenants with right of survivorship in contemplation of death, the value of the property is includable in her gross estate even though decedent many years prior received the property as a gift from her husband who paid the full consideration for it; and (2) agreement of decedent and her brothers and sisters to make a will and not to change it without consent of all living parties to the agreement…
Read the full summary
Held: (1) When decedent transferred property to herself and her husband as joint tenants with right of survivorship in contemplation of death, the value of the property is includable in her gross estate even though decedent many years prior received the property as a gift from her husband who paid the full consideration for it; and (2) agreement of decedent and her brothers and sisters to make a will and not to change it without consent of all living parties to the agreement caused a pre-Oct. 21, 1942, general power of appointment by will, granted to decedent with respect to a trust interest,…
1Opinion of the Court
OPINION
Scott, Judge:
Respondent determined a deficiency in the estate tax of Elena B. Drake in the amount of $23,372.75. Some of the issues raised by the pleadings have been disposed of by agreement of the parties, leaving for our decision the following:(1) Whether certain real property which was transferred by decedent in contemplation of death to herself and her husband as joint tenants with right of survivorship is properly includable in decedent’s gross estate although 20 years prior to decedent’s death her husband had conveyed this property to her without consideration, decedent’s husband…
2Cases cited15 opinions
- Bulova Watch Co. v. United StatesSupreme Court of the United States · 1961
- United States v. JacobsSupreme Court of the United States · 1939
- United States v. O'MALLEYSupreme Court of the United States · 1966
- Wills v. CommissionerUnited States Tax Court · 1967
- Igleheart v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1935
10 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Estate of Drake v. CommissionerUnited States Tax Court · 1977