Lande v. Commissioner
United States Tax Court
Decedent had general testamentary power of appointment over assets of inter vivos trust which he exercised. The assets in his personal estate were insufficient to satisfy all funeral and administration expenses and debts or charitable bequests. Held, the appointive property was not "property subject to claims" under New York law so as to authorize deduction of the excess of expenses and debts under section 812 (b), Internal Revenue Code.
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Decedent had general testamentary power of appointment over assets of inter vivos trust which he exercised. The assets in his personal estate were insufficient to satisfy all funeral and administration expenses and debts or charitable bequests. Held, the appointive property was not "property subject to claims" under New York law so as to authorize deduction of the excess of expenses and debts under section 812 (b), Internal Revenue Code. Held, further, considering all circumstances attending preparation and execution of will, the charitable bequests were properly paid out of assets of inter…
1Opinion of the Court
OPINION.
BRUCE, Judge:
The ultimate issue to be determined in this proceeding is whether respondent erred in disallowing in part claimed deductions on account of funeral and administration expenses and debts, and certain charitable deductions.
The decedent, William Lande, was a trustee, and after the death of his mother, beneficiary of the income of a trust fund established by his mother, with the power, by will, to dispose of the principal of such fund remaining at the time of his death after payment of certain specified items. That he exercised the power of appointment in his will is not…
2Cases cited16 opinions
- Terry v. . WigginsNew York Court of Appeals · 1872
- Cutting v. . CuttingNew York Court of Appeals · 1881
- Farmers' Loan Trust Co. v. . MortimerNew York Court of Appeals · 1916
- Hirsch v. BuckiAppellate Division of the Supreme Court of the State of New York · 1914
- Metcalfe v. . Union Trust Co.New York Court of Appeals · 1905
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3Cited by5 opinions
- Estate of Sorenson v. CommissionerUnited States Tax Court · 1979
- Weber v. CommissionerUnited States Tax Court · 1958
- Estate of Sorenson v. CommissionerUnited States Tax Court · 1979
- Lande v. CommissionerUnited States Tax Court · 1954
- Weber v. CommissionerUnited States Tax Court · 1958