Shedd v. Commissioner
United States Tax Court
Decedent made a will leaving the bulk of his estate in trust. Under the terms of the trust decedent's surviving spouse was entitled to two-thirds of the income for life. The second codicil to the will provided that the surviving spouse would also have a present and testamentary power of appointment over one-half the corpus of the trust and provided for a gift over in default of appointment.
Read the full summary
Decedent made a will leaving the bulk of his estate in trust. Under the terms of the trust decedent's surviving spouse was entitled to two-thirds of the income for life. The second codicil to the will provided that the surviving spouse would also have a present and testamentary power of appointment over one-half the corpus of the trust and provided for a gift over in default of appointment. Held, the interest of the surviving spouse did not qualify for the marital deduction as it was terminable within the purview of section 812 (e) (1) (B), and did not come within the exception contained in…
1Opinion of the Court
OPINION.
BRuce, Judge:
Petitioner contends that the property over which decedent’s widow had a general power of appointment qualifies for the marital deduction under section 812 (e) of the Internal Revenue Code of 1989, the pertinent portions of which are set forth in the margin.1 The controlling questions for decision as we view the facts are (1) whether the interest received by the widow was terminable within the purview of section 812 (e) (1) (B), and (2) if so, whether the interest received qualifies as a “Trust with Power of Appointment in Surviving Spouse” under section 812 (e) (1) (F).
Sec…
2Cases cited18 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Tiger v. Western Investment Co.Supreme Court of the United States · 1911
- United States v. FreemanSupreme Court of the United States · 1845
- Great Northern Railway Co. v. United StatesSupreme Court of the United States · 1942
- Penn Mutual Life Insurance v. LedererSupreme Court of the United States · 1920
13 more not listed; retrieve them via the Exa API.
3Cited by37 opinions
- Estate of Mary Redding Shedd, First National Bank of Arizona, Trustee v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1963
- Estate of De Bie v. CommissionerUnited States Tax Court · 1971
- Estate of Rensenhouse v. CommissionerUnited States Tax Court · 1959
- Shedd v. CommissionerUnited States Tax Court · 1961
- Hazel S. Wisely, of the Estate of William H. Wisely, Deceased v. United StatesCourt of Appeals for the Fourth Circuit · 1990
32 more not listed; retrieve them via the Exa API.