Estate of O'Connor v. Commissioner
United States Tax Court
Decedent and wife executed a trust indenture creating four substantially identical trusts for the benefit of their four children. Decedent contributed all of the principal of the trusts and served as the sole trustee of each trust until his death. The indenture purported to give decedent, as trustee, the discretionary power either to expend trust income and principal for the benefit of the child beneficiaries or to accumulate income and add it to principal.
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Decedent and wife executed a trust indenture creating four substantially identical trusts for the benefit of their four children. Decedent contributed all of the principal of the trusts and served as the sole trustee of each trust until his death. The indenture purported to give decedent, as trustee, the discretionary power either to expend trust income and principal for the benefit of the child beneficiaries or to accumulate income and add it to principal. However, a subsequent provision of the indenture provided that no part of the trust income or principal could be applied directly or…
1Opinion of the Court
OPINION
Baum:, Judge:
Tbe Commissioner determined a deficiency of $170,-374.35 in tlie estate tax of the Estate of Arthur J. O’Connor. The only issue remaining for decision is whether four trusts created by the decedent and his wife are includable in his gross estate under section 2036 or section 2038,1.B.C. 1954. The facts have been stipulated.
The decedent, Arthur J. O’Connor (O’Connor), died testate on September 20, 1962, a resident of Scarborough, N.Y. His wife, Florence M. O’Connor, was appointed executrix of his will. She resided in Scarborough, N.Y., when the petition in these proceedings…
2Cases cited15 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- Corliss v. BowersSupreme Court of the United States · 1930
- Burnet v. WellsSupreme Court of the United States · 1933
- De Brauwere v. . De BrauwereNew York Court of Appeals · 1911
- Commissioner v. Estate of HolmesSupreme Court of the United States · 1946
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3Cited by13 opinions
- Estate of Jalkut v. CommissionerUnited States Tax Court · 1991
- Estate of Skifter v. CommissionerUnited States Tax Court · 1971
- Estate of Cutter v. CommissionerUnited States Tax Court · 1974
- Estate of Thomson v. CommissionerUnited States Tax Court · 1972
- Estate of Semo A. Sulovich, Deceased, Helen Unkovich v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1978
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