Estate of Bell v. Commissioner
United States Tax Court
Decedent transferred a United States Treasury note and cash to a trust of which she was one of the cotrustees who had power to distribute all or part of the corpus to the beneficiary "for the purpose of providing her with funds for a home, business, or for any other purpose believed by the Trustees to be for her benefit."
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Decedent transferred a United States Treasury note and cash to a trust of which she was one of the cotrustees who had power to distribute all or part of the corpus to the beneficiary "for the purpose of providing her with funds for a home, business, or for any other purpose believed by the Trustees to be for her benefit." Held, the power exercisable by decedent in conjunction with her cotrustees was not subject to an objective standard with the result that the value of the property which decedent transferred to the trust is includable in decedent's gross estate under sec. 2038(a)(1), I.R.C.…
1Opinion of the Court
OPINION
Featherston, Judge:
Respondent determined a deficiency of $31,609.69 in the Federal estate tax of the Estate of Nathalie F. Bell. Two issues are presented for decision:(1) Whether the value of assets transferred by decedent to a trust of which she was a cotrustee are includable in her gross estate pursuant to section 2036(a)(2)1 or 2038.(2) If such assets are includable in decedent’s gross estate, what was their fair market value as of August 24, 1971, the alternate valuation date elected pursuant to section 2032?
All the facts are stipulated.
Nathalie F. Bell (hereinafter decedent) died…
2Cases cited17 opinions
- United States v. O'MALLEYSupreme Court of the United States · 1966
- Jennings v. SmithCourt of Appeals for the Second Circuit · 1947
- Hurd v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1947
- Burke v. BurkeIllinois Supreme Court · 1913
- Pardee v. CommissionerUnited States Tax Court · 1967
12 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Estate of Gokey v. CommissionerUnited States Tax Court · 1979
- Estate of Penner v. CommissionerUnited States Tax Court · 1977
- Estate of Bell v. CommissionerUnited States Tax Court · 1976
- Estate of Gokey v. CommissionerUnited States Tax Court · 1979
- Estate of Penner v. CommissionerUnited States Tax Court · 1977