Estate of De Foucaucourt v. Commissioner
United States Tax Court
1. Decedent created an inter vivos trust, the income from which was payable to her for life. Upon decedent's death, the trust terminated with distribution of the trust property to her estate and two individuals. Executors of decedent's estate included the value of the trust assets after deducting trustee commissions payable under State law.
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1. Decedent created an inter vivos trust, the income from which was payable to her for life. Upon decedent's death, the trust terminated with distribution of the trust property to her estate and two individuals. Executors of decedent's estate included the value of the trust assets after deducting trustee commissions payable under State law. Held, trustees' commissions are either excludable from the gross estate or deductible from the gross estate under sec. 2053, I.R.C. 1954. 2. Decedent owned an undivided one-half interest in real property which she sold to two nephews for less than full and…
1Opinion of the Court
Wiles, Judge:
Respondent determined deficiencies in the Federal gift and estate taxes of petitioner as follows:
Deflelenoy
Gift tax (1963)_$2,164.57
Estate tax_ 63, 579. 33
Several issues have been settled by the parties. The issues remaining for decision are:(1) Whether principal commissions payable to trustees of an inter vivos trust established by decedent, the bulk of the trust assets being payable to decedent’s estate, are excludable (or deductible) from decedent’s gross estate;(2) Whether the sale of an undivided one-half interest in real property by decedent was partially a gift;(3) Whether…
2Cases cited19 opinions
- United States v. Provident Trust Co.Supreme Court of the United States · 1934
- United States v. O'MALLEYSupreme Court of the United States · 1966
- Estate of Daniel McNichol Deceased, Ellen McNichol Evangelista and Joseph G. McNichol Executors v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
- McNichol v. CommissionerUnited States Tax Court · 1958
- Burrow Trust v. CommissionerUnited States Tax Court · 1963
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3Cited by4 opinions
- Estate of Gillespie v. CommissionerUnited States Tax Court · 1980
- Estate of McLendon v. CommissionerUnited States Tax Court · 1993
- Estate of De Foucaucourt v. CommissionerUnited States Tax Court · 1974
- Estate of Gillespie v. CommissionerUnited States Tax Court · 1980