Lindley Trust v. Commissioner
United States Board of Tax Appeals
Under a trust instrument the grantor transferred to petitioner certain real estate in fee, subject to a lease for years thereon in favor of the grantor, as lessor. By its express terms the trust instrument purported to also separately transfer to the trust the right of grantor to receive certain United States bonds which the lease contract provided should be received by the lessors estate six months after his death.
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Under a trust instrument the grantor transferred to petitioner certain real estate in fee, subject to a lease for years thereon in favor of the grantor, as lessor. By its express terms the trust instrument purported to also separately transfer to the trust the right of grantor to receive certain United States bonds which the lease contract provided should be received by the lessors estate six months after his death. A clause in the lease contract recited that the bonds were to be received by the lessor's estate as purchase price of the buildings then situated on the leased premises. The lease…
1Opinion of the Court
*514OPINION.
Tyson:
Petitioners contend that the interest of Clarkson Lindley in the bonds in question was, under the terms of his lease agreement with the S. S. Kresge Co., a property right which was fixed and certain prior to the time of his transfer, on May 20,1932, of such interest to the petitioner trust and that such property right, upon that transfer being made, became part of the capital or corpus of the trust and constituted a gift from Clarkson Lindley to the trust specifically exempt, as to the donee trust, from taxation under section 22 (b) (3) of the Revenue Acts of 1934 and 1936,1…
2Cases cited6 opinions
- Boeing v. OwsleySupreme Court of Minnesota · 1913
- Hearne v. LewisTexas Supreme Court · 1890
- Hammond v. ThompsonMassachusetts Supreme Judicial Court · 1897
- Fahrenbaker v. E. Clemens Horst Co.California Supreme Court · 1930
- Fisher v. HellerSupreme Court of Minnesota · 1928
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Lindley Trust v. CommissionerUnited States Board of Tax Appeals · 1940