Cook v. Commissioner
United States Tax Court
H and W, husband and wife, each created two trusts intended to qualify as grantor retained annuity trusts (GRAT's) under sec. 2702, I.R.C. The grantor in each trust retained an annuity for a stated number of years. If the grantor dies before the expiration of the stated term of years and is survived by a spouse, the annuity continues for the spouse until the earlier of his or her death or the expiration of an additional specified term.
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H and W, husband and wife, each created two trusts intended to qualify as grantor retained annuity trusts (GRAT's) under sec. 2702, I.R.C. The grantor in each trust retained an annuity for a stated number of years. If the grantor dies before the expiration of the stated term of years and is survived by a spouse, the annuity continues for the spouse until the earlier of his or her death or the expiration of an additional specified term. If the grantor dies before the expiration of the stated term of years and is not survived by a spouse, the term of the annuity ends upon the death of the…
1Opinion of the Court
OPINION
NlMS, Judge:
This matter is before the Court on the parties’ cross-motions for partial summary judgment, filed pursuant to Rule 121. The parties seek a summary adjudication regarding the same matter; i.e., the proper application of section 2702 to four grantor retained annuity trusts (GRAT’s). There is no genuine issue of material fact to preclude a decision on such matter. We therefore proceed to decide the legal issues that the parties’ motions present.
Unless otherwise indicated, all section references are to sections of the Internal Revenue Code, as amended, and all Rule references…
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