Korn v. Commissioner
United States Board of Tax Appeals
Decedent during his lifetime conveyed his remainder interest in his father's estate to a trust, reserving income for life and retaining power to appoint by will the persons among the issue of his father to whom the trustee should distribute the corpus of the trust. In default of exercise of the power of appointment or in default of issue of decedent the trustee was directed to distribute the corpus to four named individuals.
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Decedent during his lifetime conveyed his remainder interest in his father's estate to a trust, reserving income for life and retaining power to appoint by will the persons among the issue of his father to whom the trustee should distribute the corpus of the trust. In default of exercise of the power of appointment or in default of issue of decedent the trustee was directed to distribute the corpus to four named individuals. Decedent failed to exercise the power of appointment and died without surviving issue. Held, the reserved power of appointment was a power to revoke the remainder…
1Opinion of the Court
*1073OPINION.
HaRkon :
The stipulated facts show, and respondent concedes, that the decedent’s transfer of his vested remainder interest in the estate of his father was not made in contemplation of death.
The issues here are (1) whether the value of the vested remainder interest transferred in trust during decedent’s lifetime should be included in his gross estate; (2) whether the value of the remainder interest is $361,938.85 as determined by the Commissioner under table A of article 13 of Regulations 80, or is some other amount.
Issue {!). Section 302 of the Revenue Act of 1926 provides for…
2Cases cited10 opinions
- Knowlton v. MooreSupreme Court of the United States · 1900
- Porter v. CommissionerSupreme Court of the United States · 1933
- Elmhurst Cemetery Co. of Joliet v. CommissionerSupreme Court of the United States · 1937
- Simpson v. United StatesSupreme Court of the United States · 1920
- Henry v. United StatesSupreme Court of the United States · 1920
5 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Rose Gelb, Victor Edwin Gelb, Manufacturers Trust Company, Executors, of the Estate of Harry Gelb v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Alma M. O'Reilly v. Commissioner of Internal Revenue, Charles H. O'reilly, Sr. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1992
- Canfield v. CommissionerUnited States Tax Court · 1960
- Graham v. CommissionerUnited States Tax Court · 1966
- Estate of Sloane v. CommissionerUnited States Tax Court · 1944
8 more not listed; retrieve them via the Exa API.