Martin v. Commissioner
United States Tax Court
Decedent's great-grandfather created a testamentary trust. Decedent's mother had a life estate in and a testamentary power of appointment over a portion of the income and corpus of the trust. She predeceased decedent. Decedent died without issue before the end of the trust. Whether decedent's estate had any interest in income of the trust until it ended depends upon whether decedent's mother effectively exercised her power, and, also, upon construction of her appointment.
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Decedent's great-grandfather created a testamentary trust. Decedent's mother had a life estate in and a testamentary power of appointment over a portion of the income and corpus of the trust. She predeceased decedent. Decedent died without issue before the end of the trust. Whether decedent's estate had any interest in income of the trust until it ended depends upon whether decedent's mother effectively exercised her power, and, also, upon construction of her appointment. Held, that decedent's mother effectively exercised her power; that she intended that upon decedent's death without issue…
1Opinion of the Court
OPINION.
HaeRon, Judgé:
The Commissioner determined in his deficiency notice (a) that the decedent had a vested remainder interest in one-eighteenth of the trust corpus, after the life estate of J. Sergeant Price, Jr., having a value at the time of decedent’s death of $213,828.73, and (b) a vested interest in one-ninth of the trust corpus, after the life estate of his mother, Elizabeth Price Martin, having a value at the time of decedent’s death' of $561,119.80, and that these interests are includible in decedent’s gross estate under section 811 (a) of the 1939 Code. Both of these…
2Cases cited17 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Princess Lida of Thurn and Taxis v. ThompsonSupreme Court of the United States · 1939
- Freuler v. HelveringSupreme Court of the United States · 1934
- Uterhart v. United StatesSupreme Court of the United States · 1916
- Helvering v. BullardSupreme Court of the United States · 1938
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3Cited by1 opinion
- Martin v. CommissionerUnited States Tax Court · 1955