First Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. Where prior to the joint resolution of Congress adopted March 3, 1931, amending section 302(c) of the Revenue Act of 1926, bonds were transferred as a gift, the donor retaining the income therefrom for life, the value of such bonds is not includable in the donor's gross estate within the meaning of section 803 of the Revenue Act of 1932. Dwight Whiting et al., Trustees,35 B.T.A. 100. 2. In his will the decedent made certain bequests to charity which were approved and…
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1. Where prior to the joint resolution of Congress adopted March 3, 1931, amending section 302(c) of the Revenue Act of 1926, bonds were transferred as a gift, the donor retaining the income therefrom for life, the value of such bonds is not includable in the donor's gross estate within the meaning of section 803 of the Revenue Act of 1932. Dwight Whiting et al., Trustees,35 B.T.A. 100. 2. In his will the decedent made certain bequests to charity which were approved and ordered paid out of decedent's estate by a court of competent jurisdiction in the State of Georgia. Held, that such…
1Opinion of the Court
*493OPINION.
Smith:
The identical question raised in the first issue has been decided by the Board recently in Dwight Whiting et al., Trustees, 35 B. T. A. 100, where we held that the value of certain shares of stock which were transferred as a gift in 1917, the donor retaining the income therefrom for life, should not be included in the gross estate of the donor, who died on November 8, 1983, as a transfer in*494tended to take effect in possession or enjoyment at or after death under section 302 (c) of the Revenue Act of 1926, as amended by Joint Resolution of March 8, 1931, and section 803 (a) of the…
2Cases cited13 opinions
- Knowlton v. MooreSupreme Court of the United States · 1900
- Freuler v. HelveringSupreme Court of the United States · 1934
- Nichols v. CoolidgeSupreme Court of the United States · 1927
- Helvering v. City Bank Farmers Trust Co.Supreme Court of the United States · 1935
- Jones v. HabershamSupreme Court of the United States · 1883
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3Cited by5 opinions
- Commissioner of Internal Revenue v. First Nat. BankCourt of Appeals for the Fifth Circuit · 1939
- Longue Vue Foundation v. CommissionerUnited States Tax Court · 1988
- Craig v. United StatesDistrict Court, W.D. Pennsylvania · 1946
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1937
- Longue Vue Foundation v. CommissionerUnited States Tax Court · 1988