Fahnestock v. Commissioner
United States Tax Court
Decedent during his lifetime transferred property to five irrevocable trusts established for the benefit of his children and their issue.
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Decedent during his lifetime transferred property to five irrevocable trusts established for the benefit of his children and their issue. The income of each trust was to be paid to the child for life and upon his death the principal was to be paid to his issue or, in default of issue then living, to such child's brothers and sisters, the issue of either of them who might not be then living to take the share which their ancestor would have taken had he or she survived; or, if none of such descendants should be then living, the property was to revert to decedent or his legal representatives.…
1Opinion of the Court
OPINION.
Black, Judge:
The Commissioner in his determination of the deficiency in estate tax against the estate of Harris Fahnestock, deceased, made several adjustments to the estate tax return filed by the executors. The only one of these adjustments now in issue is the one whereby the Commissioner added to the net estate as reported in the return $323,282.99 as “transfers.” This latter amount represented the values of the remainders after the life interests of the primary beneficiaries had been deducted in the five trusts created by decedent by instruments of June 23, 1926, November 24, 1926,…
2Cases cited5 opinions
- Helvering v. HallockSupreme Court of the United States · 1940
- Klein v. United StatesSupreme Court of the United States · 1931
- Fidelity-Philadelphia Trust Co. v. RothensiesSupreme Court of the United States · 1945
- Frances Biddle Trust v. CommissionerUnited States Tax Court · 1944
- Walker v. CommissionerUnited States Tax Court · 1944
3Cited by42 opinions
- Hall v. CommissionerUnited States Tax Court · 1946
- Campanari v. CommissionerUnited States Tax Court · 1945
- Hughes v. CommissionerUnited States Tax Court · 1946
- Estate of Hunnewell v. CommissionerUnited States Tax Court · 1945
- Estate of Eckhardt v. CommissionerUnited States Tax Court · 1945
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