Estate of Casey v. Commissioner
United States Tax Court
Prior to his death decedent and his wife, residents of California, placed 7,500 shares of stock in trust with their niece's children as beneficiaries and the niece as trustee. At the time of delivery to the trustee the terms of the trust were not reduced to writing and there was no express instruction as to revocability. Seven days later the terms were reduced to a writing containing a provision allowing revocation.
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Prior to his death decedent and his wife, residents of California, placed 7,500 shares of stock in trust with their niece's children as beneficiaries and the niece as trustee. At the time of delivery to the trustee the terms of the trust were not reduced to writing and there was no express instruction as to revocability. Seven days later the terms were reduced to a writing containing a provision allowing revocation. Held: The trust is revocable and decedent's community property portion must be included in his estate under sec. 2038, I.R.C. 1954. The subsequent writing incorporating the terms…
1Opinion of the Court
Fat, Judge:
Eespondent determined a deficiency in petitioner’s estate tax of $13,262.81. The sole issue to be decided is whether the value of certain shares of stock, transferred in trust by decedent during his lifetime, is includable in his gross estate by virtue of section 2038.1
FINDINGS OF FACT
Some of the facts have been stipulated, and those facts together with the exhibits attached to the stipulation are incorporated herein by this reference.
The decedent, Harold E. Casey (hereinafter referred to as Casey or decedent), died testate in Burlingame, Calif., on January 17, 1964, and was…
2Cases cited7 opinions
- Will Flitcroft and Agnes D. Flitcroft v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1964
- Lois J. Newman (Formerly Lois J. Senderman) v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Flitcroft v. CommissionerUnited States Tax Court · 1962
- Newman v. CommissionerUnited States Tax Court · 1953
- Nat'l Bank of Cal. v. Exch. Nat'l Bank of Long BeachCalifornia Supreme Court · 1921
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Estate of Siegel v. CommissionerUnited States Tax Court · 1980
- Estate of Casey v. CommissionerUnited States Tax Court · 1971
- Estate of Siegel v. CommissionerUnited States Tax Court · 1980