Holmes v. Commissioner
United States Board of Tax Appeals
1. A trustee is not a beneficiary and, therefore, not an adverse party in interest in relation to the grantor. Reinecke v. Smith,289 U.S. 172. 2. Where decedent created a trust providing that the income, after the payment of certain annuities, should be paid to her during her lifetime, with remainder to specified beneficiaries upon her death, and decedent retained the power in conjunction with the trustee "to alter and amend this trust instrument in any respect, but not to…
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1. A trustee is not a beneficiary and, therefore, not an adverse party in interest in relation to the grantor. Reinecke v. Smith,289 U.S. 172. 2. Where decedent created a trust providing that the income, after the payment of certain annuities, should be paid to her during her lifetime, with remainder to specified beneficiaries upon her death, and decedent retained the power in conjunction with the trustee "to alter and amend this trust instrument in any respect, but not to the extent of revoking the same." held, the sipulated value of the trust property at decedent's death was properly…
1Opinion of the Court
EDWARD JACKSON HOLMES AND NORTON WIGGLESWORTH, EXECUTORS OF THE WILL OF HENRIETTA GODDARD FITZ, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Holmes v. Commissioner
Docket No. 66888.
United States Board of Tax Appeals
30 B.T.A. 97; 1934 BTA LEXIS 1371;
March 15, 1934, Promulgated
1. A trustee is not a beneficiary and, therefore, not an adverse party in interest in relation to the grantor. Reinecke v. Smith,289 U.S. 172.
2. Where decedent created a trust providing that the income, after the payment of certain annuities, should be paid to her during her lifetime, with remainder to…
2Cases cited3 opinions
- Porter v. CommissionerSupreme Court of the United States · 1933
- Reinecke v. SmithSupreme Court of the United States · 1933
- Holmes v. CommissionerUnited States Board of Tax Appeals · 1934