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
DeeNNBN, Judge:
Respondent determined a deficiency in estate tax against petitioner (estate of Francis F. Field) in the amount of $30,-075.92. The only issue remaining for decision is whether the value of the property passing under Item II of Francis F. Field’s will qualifies for the marital deduction under section 2056 of the Internal Revenue Code of 1954.
FINDINGS OF FACT
Francis F. Field (hereafter referred to as decedent) died testate on December 11, 1957, while a resident of Marion, Ohio. Decedent’s Federal estate tax return was filed with the district director of internal revenue,…
2Cases cited11 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
6 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Estate of Vermilya v. CommissionerUnited States Tax Court · 1963
- Estate of Holland v. CommissionerUnited States Tax Court · 1975
- Benjamin v. CommissionerUnited States Tax Court · 1965
- Estate of Smith v. CommissionerUnited States Tax Court · 1982
- Benjamin v. CommissionerUnited States Tax Court · 1965
9 more not listed; retrieve them via the Exa API.