Bingham v. Commissioner
United States Tax Court
The decedent, in a declaration of trust, reserved power at any time by instrument, or instruments, in writing to change beneficiaries entitled to receive corpus. She later executed a "modification," revoking the paragraph providing that her daughter's heirs should take corpus, in case the daughter, her children, and descendants should die before the maximum period provided for in the trust; and she substituted her own heirs as beneficiaries in such contingency.
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The decedent, in a declaration of trust, reserved power at any time by instrument, or instruments, in writing to change beneficiaries entitled to receive corpus. She later executed a "modification," revoking the paragraph providing that her daughter's heirs should take corpus, in case the daughter, her children, and descendants should die before the maximum period provided for in the trust; and she substituted her own heirs as beneficiaries in such contingency. Held, the exercise of the power did not exhaust it, so that decedent at death had power to alter, amend, or revoke the trust, under…
1Opinion of the Court
OPINION.
Disney, Judge:
This cause involves estate tax. A deficiency was determined in the amount of $28,199.73, but only a portion thereof is now involved. The only question remaining for determination is whether the decedent, by the exercise of a power retained under a trust instrument set up by her, exhausted such power, or whether she retained such power at the time of her death, so as to cause inclusion of trust property in her estate.
All facts were stipulated. We adopt the stipulation by reference and find the facts therein set forth. However, because of concessions made, eliminating some…
2Cases cited4 opinions
- Porter v. CommissionerSupreme Court of the United States · 1933
- Rains v. RainsSupreme Court of Colorado · 1935
- Burney v. CommissionerUnited States Tax Court · 1944
- Wilson v. First National Trust & Savings BankCalifornia Court of Appeal · 1946
3Cited by3 opinions
- Wooster v. CommissionerUnited States Tax Court · 1947
- Bingham v. CommissionerUnited States Tax Court · 1946
- Wooster v. CommissionerUnited States Tax Court · 1947