Estate of McGillicuddy v. Commissioner
United States Tax Court
Decedent under her last will devised and bequeathed a part of her estate to a charitable trust which provided that the income from the corpus of said trust was to be paid to her husband for life, and that upon his death the corpus was to be paid to certain qualified charitable organizations.
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Decedent under her last will devised and bequeathed a part of her estate to a charitable trust which provided that the income from the corpus of said trust was to be paid to her husband for life, and that upon his death the corpus was to be paid to certain qualified charitable organizations. Under the provisions of the trust the trustees were empowered to (1) invest in regulated investment companies; (2) to determine all questions between income and principal "notwithstanding any statute or rule of law for distinguishing income from principal or any determination of the courts;" and (3) in…
1Opinion of the Court
OPINION
Pespondent determined that the value of the charitable remainder of the Phyllis W. McGillicuddy Charitable Trust was not ascertainable at the date of decedent’s death and therefore disallowed a charitable deduction to her estate.
In computing the value of the taxable estate, section 20551 provides for a deduction from the gross estate for the value of bequests, legacies, devises, or transfers exclusively for charitable purposes. The regulations under section 2055 provide further that when a trust is created for both a charitable and a private purpose no deduction for the value of the…
2Cases cited23 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Henslee v. Union Planters National Bank & Trust Co.Supreme Court of the United States · 1949
- Merchants Nat. Bank of Boston v. CommissionerSupreme Court of the United States · 1943
- Mayerson v. CommissionerUnited States Tax Court · 1966
- Dumaine v. DumaineMassachusetts Supreme Judicial Court · 1938
18 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Peoples Trust Company of Bergen County, of the Estate of Dora Plume, Deceased v. United StatesCourt of Appeals for the Third Circuit · 1971
- Estate of Speer v. CommissionerUnited States Tax Court · 1972
- Worcester County National Bank v. KingMassachusetts Supreme Judicial Court · 1971
- Estate of Beckwith v. CommissionerUnited States Tax Court · 1970
- Toulmin Estate v. United StatesDistrict Court, S.D. Ohio · 1971
8 more not listed; retrieve them via the Exa API.