Mercantile Trust Co. v. Commissioner
United States Board of Tax Appeals
1. The bequests made by the decedent to charitable institutions became vested upon the death of the testator and the present values thereof are, therefore, deductible from the gross estate in determining the net estate subject to tax. 2. The value of life insurance in excess of $40,000 taken out on the life of the decedent, in which his widow was named beneficiary, prior to the controlling revenue act, should not be included in the decedent's gross estate. 3. The widow's…
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1. The bequests made by the decedent to charitable institutions became vested upon the death of the testator and the present values thereof are, therefore, deductible from the gross estate in determining the net estate subject to tax. 2. The value of life insurance in excess of $40,000 taken out on the life of the decedent, in which his widow was named beneficiary, prior to the controlling revenue act, should not be included in the decedent's gross estate. 3. The widow's share of the decedent's personalty to which she may be entitled upon the death of her husband, in accordance with section…
1Opinion of the Court
*90OPINION.
MoRRis:
The first allegation of error relates to the refusal of the respondent to allow as a deduction from the gross estate, the amounts of certain bequests contained in the will of the decedent to organizations operated for charitable, religious or educational purposes. The petitioner contends that these bequests constitute vested remainders under the laws of the State of Missouri and that .the present values thereof are deductible from the gross estate in arriving at the net estate subject to .taxation under section 403 of the Revenue Act of 1921. The respondent contends, on the…
2Cases cited4 opinions
- United States v. FieldSupreme Court of the United States · 1921
- Lewellyn v. FrickSupreme Court of the United States · 1925
- Howard v. StrodeSupreme Court of Missouri · 1912
- Hastings v. Myers' AdministratorSupreme Court of Missouri · 1855
3Cited by10 opinions
- Newman v. CommissionerUnited States Board of Tax Appeals · 1933
- Camden Safe Deposit & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Ballinger v. CommissionerUnited States Board of Tax Appeals · 1931
- Estate of Hume v. CommissionerUnited States Tax Court · 1943
- Ickelheimer v. Comm'rUnited States Board of Tax Appeals · 1929
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