Estate of Speer v. Commissioner
United States Tax Court
Decedent established a revocable inter vivos trust with the remainder, after intervening life estates, payable to a named charity. His will poured the residuary estate into the trust. A bank was designated as sole trustee and was given discretionary powers of investment and of allocation of dividends and expenses between principal and income.
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Decedent established a revocable inter vivos trust with the remainder, after intervening life estates, payable to a named charity. His will poured the residuary estate into the trust. A bank was designated as sole trustee and was given discretionary powers of investment and of allocation of dividends and expenses between principal and income. Held, the existence of such discretionary powers did not preclude the deductibility of the charitable remainder under sec. 2055, I.R.C. 1954.
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined a deficiency in petitioners’ estate tax in the amount of $510,195.19. The sole issue for our determination is whether the remainder interest in a trust established by the decedent fails to qualify for a charitable deduction pursuant to section 2055 1 because of the management discretion vested in the trustee.
All of the facts have been stipulated and are found accordingly.
Petitioners are the executors of the Estate of George I. Speer (referred to herein as decedent), who died on June 21, 1965, a resident of Wilmington, Del. Petitioner Alice M.…
2Cases cited25 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Estate of Ford v. CommissionerUnited States Tax Court · 1969
- Estate of Lillie MacMunn Stewart, Deceased, W. Alan Henderson v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1971
- The Miami Beach First National Bank, as Under the Will of Lenore P. Hartz, Deceased v. United StatesCourt of Appeals for the First Circuit · 1971
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3Cited by17 opinions
- Mathews v. CommissionerUnited States Tax Court · 1973
- Kent v. CommissionerUnited States Tax Court · 1973
- Froman Trust v. CommissionerUnited States Tax Court · 1972
- Martinez v. CommissionerUnited States Tax Court · 1976
- Estate of Gooel v. CommissionerUnited States Tax Court · 1977
12 more not listed; retrieve them via the Exa API.