Field v. Commissioner
United States Tax Court
Will devised residue of estate to decedent's daughter, as trustee, to hold the property in trust and to make available the net income therefrom to decedent's wife during her lifetime, reserving to wife the power to consume entire estate for any purpose which she shall deem advisable. In the event wife did not exercise power within 1 year after death, corpus was to be distributed to decedent's children as specifically provided in will.
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Will devised residue of estate to decedent's daughter, as trustee, to hold the property in trust and to make available the net income therefrom to decedent's wife during her lifetime, reserving to wife the power to consume entire estate for any purpose which she shall deem advisable. In the event wife did not exercise power within 1 year after death, corpus was to be distributed to decedent's children as specifically provided in will. Local Probate Court, on petition of trustee, construed the will to give wife a life estate with the "unrestricted power exercisable at any time during her life…
1Opinion of the Court
Estate of Francis F. Field, Deceased, Maxine Lois Field, Trustee, Petitioner, v. Commissioner of Internal Revenue, Respondent
Field v. Commissioner
Docket No. 93624
United States Tax Court
40 T.C. 802; 1963 U.S. Tax Ct. LEXIS 77;
August 2, 1963, Filed
Decision will be entered under Rule 50.
Will devised residue of estate to decedent's daughter, as trustee, to hold the property in trust and to make available the net income therefrom to decedent's wife during her lifetime, reserving to wife the power to consume entire estate for any purpose which she shall deem advisable. In the event wife did not…
2Cases cited13 opinions
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Estate of Edward F. Pipe, Deceased, Nettie M. Pipe v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1957
- Pipe v. CommissionerUnited States Tax Court · 1954
- Estate of Ralph G. May, Mildred K. May v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1960
- Estate of Blanchard Houston Stallworth, Sr., Deceased B. H. Stallworth, Jr., and Daisy, B. Stallworth, Executors v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
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