Estate of Davis v. Commissioner
United States Tax Court
On Apr. 17, 1936, decedent and his wife, Ione, contemporaneously executed a separation agreement calling for monthly payments and a trust agreement giving Ione the income for life from assets transferred in trust. Decedent retained powers over the trust which concededly require its inclusion in his gross estate under Code secs. 2036 and 2038, unless the Apr. 17, 1936, transfer was made for adequate and full consideration in money or money's worth.
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On Apr. 17, 1936, decedent and his wife, Ione, contemporaneously executed a separation agreement calling for monthly payments and a trust agreement giving Ione the income for life from assets transferred in trust. Decedent retained powers over the trust which concededly require its inclusion in his gross estate under Code secs. 2036 and 2038, unless the Apr. 17, 1936, transfer was made for adequate and full consideration in money or money's worth. Held, both the separation agreement and transfer in trust were made in consideration of the release of Ione's support rights; held, further, that…
1Opinion of the Court
Estate of Howard Lee Davis, Deceased, Ione Davis Jones, Executrix, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Davis v. Commissioner
Docket No. 5859-66
United States Tax Court
51 T.C. 269; 1968 U.S. Tax Ct. LEXIS 25;
November 21, 1968, Filed
Decision will be entered under Rule 50.
On Apr. 17, 1936, decedent and his wife, Ione, contemporaneously executed a separation agreement calling for monthly payments and a trust agreement giving Ione the income for life from assets transferred in trust. Decedent retained powers over the trust which concededly require its inclusion in his…
Also in this document: Concurrence; Dissent · Withey; Dissent · Hoyt.
2Cases cited22 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. DavisSupreme Court of the United States · 1962
- Harris v. CommissionerSupreme Court of the United States · 1950
- Philadelphia Park Amusement Co. v. United StatesUnited States Court of Claims · 1954
- Gregory v. CommissionerUnited States Tax Court · 1963
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