Holderness v. Commissioner
United States Board of Tax Appeals
The decedent created an irrevocable trust providing for payment of the net income from the estate to her for life and, upon the termination of the trust at the death of the survivor of two named persons, for the distribution of the corpus to her, if living, otherwise to any surviving hunsband, or children, and upon their failure to take, to others then living.
Read the full summary
The decedent created an irrevocable trust providing for payment of the net income from the estate to her for life and, upon the termination of the trust at the death of the survivor of two named persons, for the distribution of the corpus to her, if living, otherwise to any surviving hunsband, or children, and upon their failure to take, to others then living. No provision was made for payment of the corpus in case of failure of any of the specified parties to take under the trust agreement. She reserved the power to change the proportions of the estate distributable to any of the parties…
1Opinion of the Court
OPINION.
Seaweil:
This proceeding involves the redetermination of a deficiency of $340,083.66 in estate tax. All of the facts were stipulated. The stipulation disposes of all of the issues except one, which re*156lates to the inclusion in gross estate of the corpus of property held in trust.
The petitioner was duly appointed administrator of the estate of Emelia S. Sternberger, deceased, by the Superior Court of Guil-ford County, North Carolina.
In December 1926 the decedent executed a trust instrument, under the terms of which she deposited the sum of $1,364,000 with the Central Union Trust Co., a…
2Cases cited11 opinions
- Knowlton v. MooreSupreme Court of the United States · 1900
- Chase National Bank v. United StatesSupreme Court of the United States · 1929
- Tyler v. United StatesSupreme Court of the United States · 1930
- Porter v. CommissionerSupreme Court of the United States · 1933
- Klein v. United StatesSupreme Court of the United States · 1931
6 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Bowers v. CommissionerUnited States Board of Tax Appeals · 1936
- Estate of Halberstam v. CommissionerUnited States Tax Court · 1954
- Holderness v. CommissionerUnited States Board of Tax Appeals · 1935