Estate of Nicholson v. Commissioner
United States Tax Court
H's testamentary trust gave to W "so much of the net income therefrom * * * as * * * [she] may from time to time require to maintain [her] usual and customary standard of living." Held, W was not "entitled to all the income from the property" under the terms of the trust, and her interest in the trust therefore failed to qualify for the marital deduction as "qualified terminable interest property" within the meaning of sec. 2056(b)(7), I.R.C.
1Opinion of the Court
GERBER, Judge:
By notice of deficiency dated December 1, 1987, respondent determined a deficiency in estate taxes in the amount of $353,537.26. The issue for consideration is whether an interest in a trust created by the decedent qualifies for the estate tax marital deduction as qualified terminable interest property, within the meaning of section 2056(b)(7).1
FINDINGS OF FACT
The parties entered into a stipulation of facts, with attached exhibits, all of which are incorporated by this reference. At the time the petition in this case was filed, William B. Nicholson, executor of the Estate of T.…
2Cases cited28 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- The Estate of Mary Frances Smith Bright, Deceased, by H. R. Bright, Independent v. United StatesCourt of Appeals for the Fifth Circuit · 1981
- In Re the Accounting of the Manufacturers National Bank of TroyNew York Court of Appeals · 1936
23 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Estate of Kyle v. CommissionerUnited States Tax Court · 1990
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- Estate of Robertson v. CommissionerUnited States Tax Court · 1992
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