Chase Nat'l Bank v. Commissioner
United States Tax Court
1. Husband, residing with wife in Texas, created an inter vivos trust out of community property, reserving the income to himself for life, then to his wife for life, the corpus to be distributed thereafter. He reserved the right to alter, amend, or revoke.
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1. Husband, residing with wife in Texas, created an inter vivos trust out of community property, reserving the income to himself for life, then to his wife for life, the corpus to be distributed thereafter. He reserved the right to alter, amend, or revoke. Held, upon the husband's death, the wife had a community property interest in the corpus, which she could have asserted, and her acquiescence in the trust constituted a gift by her of her one-half interest minus the value of her life estate. 2. Husband established insurance trust paying premiums on policies on his own life out of community…
1Opinion of the Court
OPINION.
Raum, Judge:
Respondent has determined that Marie had a community property interest in the three trusts, consisting of one-half of the principal of the Inter Vivos Trust and Testamentary Trust and one-half of the proceeds of the policies in the Insurance Trust. She had the right to demand and receive, subject only to the payment of community debts, any community property interest she may have had after coverture ended as a result of Daniel’s death. It is respondent’s position that in failing to demand the interest which he has determined she owned at the death of her husband, she…
2Cases cited44 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Arnold v. LeonardTexas Supreme Court · 1925
- Hopkins v. BaconSupreme Court of the United States · 1930
- Smith v. ShaughnessySupreme Court of the United States · 1943
- Robinette v. HelveringSupreme Court of the United States · 1943
39 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Estate of Mandels v. CommissionerUnited States Tax Court · 1975
- Commissioner of Internal Revenue v. Mildred Irene SiegelCourt of Appeals for the Ninth Circuit · 1957
- Estate of Lela Barry Vardell, Deceased, First National Bank in Dallas v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1962
- Commissioner of Internal Revenue v. Chase Manhattan BankCourt of Appeals for the Fifth Circuit · 1958
- Siegel v. CommissionerUnited States Tax Court · 1956
27 more not listed; retrieve them via the Exa API.