Estate of Penney v. Commissioner
United States Tax Court
Burden of Federal Estate Tax -- Ohio Law of Equitable Apportionment. -- During his life Penney established a revocable trust with directions to establish a marital deduction trust of one-half the corpus thereof after his death, and he died leaving certain charitable bequests and a formula marital bequest. None of the governing instruments contains a "tax clause" sufficient under Ohio law to allocate the Federal estate tax burden.
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Burden of Federal Estate Tax -- Ohio Law of Equitable Apportionment. -- During his life Penney established a revocable trust with directions to establish a marital deduction trust of one-half the corpus thereof after his death, and he died leaving certain charitable bequests and a formula marital bequest. None of the governing instruments contains a "tax clause" sufficient under Ohio law to allocate the Federal estate tax burden. The Ohio Supreme Court has introduced the doctrine of equitable apportionment selectively, requiring contribution from nonprobate assets includable in the gross…
1Opinion of the Court
Estate of Herbert R. Penney, Deceased, Milton H. Penney, Executor, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Penney v. Commissioner
Docket No. 5399-70
United States Tax Court
59 T.C. 102; 1972 U.S. Tax Ct. LEXIS 43;
October 17, 1972, Filed
Decision will be entered under Rule 50.
Burden of Federal Estate Tax -- Ohio Law of Equitable Apportionment. -- During his life Penney established a revocable trust with directions to establish a marital deduction trust of one-half the corpus thereof after his death, and he died leaving certain charitable bequests and a formula marital…
2Cases cited7 opinions
- Riggs v. Del DragoSupreme Court of the United States · 1942
- Lincoln Bank & Trust Co. v. HuberCourt of Appeals of Kentucky (pre-1976) · 1951
- Jaeger v. CommissionerUnited States Tax Court · 1957
- Estate of Pangas v. CommissionerUnited States Tax Court · 1969
- Estate of Penney v. CommissionerUnited States Tax Court · 1972
2 more not listed; retrieve them via the Exa API.